Nigeria’s quest to expand energy access has received a significant boost with the announcement of a new $7.5 million financing facility for Odyssey Energy Solutions, a technology platform driving distributed renewable energy projects across emerging markets. The facility, provided by British International Investment (BII) – the UK’s development finance institution and impact investor – is designed to unlock financing for solar mini-grid developers and accelerate electricity access across Nigeria.
Closing the Energy Gap
Despite being Africa’s largest economy, Nigeria still struggles with one of the world’s most severe energy deficits. Nearly 90 million people – close to half of the population – live without access to reliable electricity. This lack of power undermines economic activity, healthcare, education, and overall quality of life, especially in rural communities.
Mini-grids, small decentralized electricity networks powered by solar energy and batteries, have emerged as a practical and scalable solution. They can be deployed faster and more cost-effectively than extending the national grid, making them central to the country’s electrification efforts.
The new facility will directly support Nigeria’s Distributed Access through Renewable Energy Scale-up (DARES) programme, a government-led initiative backed by the World Bank and managed by the Rural Electrification Agency (REA). DARES aims to provide power to 17.5 million Nigerians through the deployment of up to 1,500 mini-grids and 1.5 million standalone solar home systems.
Odyssey’s Role as the Digital Backbone
Odyssey Energy Solutions is not just another developer—it is the digital backbone of the DARES programme. Its platform enables developers to submit and manage project proposals, while the REA can evaluate applications, track project progress in real-time, and disburse results-based subsidies efficiently. The platform also integrates geospatial intelligence, helping developers identify viable sites and plan projects with precision.
By using Odyssey’s proprietary procurement and supply chain credit solution, developers will now be able to procure high-quality solar panels and energy storage equipment with minimal upfront costs. Payments can be structured around revenue milestones, easing one of the toughest bottlenecks for mini-grid developers: working capital.
Key benefits for local companies include:
- Competitive pricing through bulk procurement
- Flexible payment terms that improve cash flow
- Faster procurement cycles to speed up deployment
- End-to-end logistics support, from customs to last-mile delivery
- High-quality, vetted equipment to ensure long-term reliability
A Model for Clean Energy Finance
Leaders from both BII and Odyssey frame the investment as a milestone for Nigeria’s renewable energy sector and a model for collaboration between international financiers, local innovators, and government agencies.
“Mini-grids powered by clean and affordable energy sources have a vital role to play in rapidly reducing Nigeria’s electricity access gap,” said Benson Adenuga, West Africa Regional Director at BII. “I am delighted that BII is partnering with Odyssey to accelerate the development of such projects.”
For Odyssey’s Co-Founder and Managing Director, Piyush Mathur, the facility represents a practical breakthrough: “BII’s support allows us to offer flexible, affordable financing options that meet developers where they are, so that we can collectively accelerate electrification across Nigeria.”
Beyond Nigeria
With more than 3,000 installers and access to $3 billion of financing already active on its platform, Odyssey is positioning itself as a critical enabler of Africa’s distributed energy future. By integrating procurement, financing, and monitoring into a single system, the company is creating an ecosystem that helps clean energy companies scale faster and more efficiently.
For the UK, the partnership is also a signal of growing commitment to green investments in Africa. “UK finance is helping to unlock green growth and establish Britain as a credible partner on climate action,” noted Jonny Baxter, British Deputy High Commissioner in Lagos.
As Nigeria pushes forward with its mini-grid ambitions under DARES, the Odyssey-BII partnership could become a blueprint for other emerging markets looking to bridge the gap between energy poverty and sustainable development.
