Transaction Summary
Climate Fund Managers (CFM), through its Climate Investor One (CIO) fund, alongside Norfund, announced a $3.6 million development funding agreement to support Energy Company of the Future Ltd (Konexa), a UK-based energy developer, in scaling commercial and industrial (C&I) renewable energy projects in Nigeria. CFM will contribute $1.8 million, with Norfund and Konexa each providing $0.9 million. This funding will primarily finance the development of a 50MW solar PV plant and related grid infrastructure to supply renewable power to Nigerian Breweries Plc (NB Plc) sites in Lagos and Enugu. Grid and storage upgrades will enable full power delivery to these sites under the existing Power Purchase Agreement. This funding is part of a phased approach to unlock around $80 million for full construction, expected to close in H2 2025. It builds on a previous $18 million investment announced in March 2024, co-funded by CFM, the European Union, and Microsoft’s Climate
