All On invests USD5 Million in PowerGen Renewable Energy Nigeria Limited to further close electricity access gap in Nigeria
LAGOS, Nigeria – All On has invested USD 5 million in PowerGen Renewable Energy Nigeria Limited to expand renewable energy mini-grids across Nigeria, helping provide reliable electricity to underserved communities and businesses. The investment is expected to support about 6,000 new connections, benefit 41,000 people, create 470 jobs, and further accelerate access to clean, affordable power nationwide.
The investment will enable PowerGen to deepen its footprint in Nigeria and expand the deployment of renewable energy infrastructure for customers with limited or unreliable access to electricity. It also effectively closes the Series C capital raise by PowerGen’s parent company, WindGen Power USA Inc., alongside capital provided by ElectriFI, Impact Fund Denmark, the Sustainable Energy Fund for Africa (SEFA) and InfraCo.
PowerGen’s experience in Nigeria includes the development of interconnected renewable energy infrastructure, including the Toto Community Mini Grid Project in Nasarawa State, which became Nigeria’s first interconnected hybrid solar mini-grid. The company’s growing portfolio positions it to deploy both standalone and grid-connected renewable energy solutions across different customer and market segments.
The investment is expected to support up to 6,000 electricity connections and reach an estimated 41,000 beneficiaries, alongside up to 9 MW of generation capacity and 17 MW + MWh of combined energy impact. The projects are also expected to contribute to the creation of approximately 470 jobs across the communities and businesses served.
Caroline Eboumbou, CEO of All On said:
“PowerGen has demonstrated that renewable energy solutions can be efficiently deployed to serve communities and businesses where reliable electricity remains a challenge. This investment reflects our confidence in the company’s ability to build on that experience and take its model further across Nigeria. For us, it is about backing a proven platform with the capital it needs to expand access to reliable power, while creating the conditions for more businesses and communities to participate in Nigeria’s economic growth,”
Oluseye Bassir, Investment Manager at All On, said:
“What stood out to us about PowerGen is the depth of experience behind the platform and its ability to operate across different renewable energy models. The company has already demonstrated what is possible with interconnected mini-grids, and we see significant potential to replicate and scale that experience in other parts of Nigeria. Our investment alongside the Series C investors gives PowerGen additional capital to move more projects from development into delivery, which of course is where real impact is created.”
Aaron Cheng, CEO of PowerGen, stated:
“All On’s investment is a strong endorsement of PowerGen’s platform and our ability to deliver reliable renewable power at scale. Nigeria remains an important market for PowerGen, and this investment will support our continued growth and our mission to expand access to reliable, affordable and clean energy. We are pleased to welcome All On as a strategic investor and look forward to working together to accelerate the deployment of renewable energy across Nigeria.”
This investment reinforces All On’s commitment to supporting Nigerian energy companies with the experience, technical capabilities and scalable business models needed to expand reliable electricity access in underserved and unserved communities, while supporting households and businesses that depend on dependable power to operate and grow.
About All On
All On Partnerships for Energy Access (All On), an independent impact investing company, was seeded by Shell to catalyze the growth of Nigeria’s off-grid energy market to provide affordable, reliable, and sustainable energy for low-income households and small businesses. All On provides debt and equity funding, as well as non-commercial support, to Nigerian energy companies that align with its mission of closing Nigeria’s access-to-energy gap through renewable energy solutions.
Visit https://www.all-on.com/ to learn more. For media enquiries, contact communications@all-on.com
About PowerGen: PowerGen is a leading renewable energy platform across Africa, with offices in four countries (Kenya, Nigeria, Sierra Leone and DRC). PowerGen owns and operates renewable energy and distribution utility projects to deliver clean, reliable, and affordable power. In 2024, PowerGen was listed as one of the Financial Times' Africa's Fastest Growing Companies! PowerGen ranked 40th in the overall rankings and 5th in the Energy & Utilities sector.
For more information: https://www.powergen-re.com