EDP invests USD 3m to back Rensource's expansion in Nigeria

EDP Renovaveis SA (ELI:EDPR) announced on Monday that it will invest USD 3 million (EUR 2.7m) to support decentralised solar specialist Rensoucer's expansion in Nigeria.

Rensoucer has a foothold in seven Nigerian states, where it focuses on small businesses and micro-companies, the renewables arm of Energias de Portugal SA (ELI:EDP) said.

International investors such as CRE Ventures, Omidyar Network, Inspired Evolution, Proparco, I&P, Sin Capital and Yuzura Honda are part of EDPR's financing initiative that resulted in the USD-3-million investment.

The move aligns with EDP's A2E (Access to Energy) programme, focusing on promoting sustainable energy for all and allowing EDP to become a relevant A2E operator in emerging markets. In all, the company has committed to investing EUR 12 million by 2020. EDP is also spending EUR 1 million on social responsibility activities, it noted.

Last week, EDPR was awarded contracts for difference (CfDs) for the 33-MW Xironomi wind farm and 307 MW of wind assets in tenders held in Greece and Poland, respectively.

(USD 1 = EUR 0.902)

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