Odyssey Energy secures $7,5M to fund mini grids in Nigeria

Odyssey Energy Solutions, an investor and developer of distributed energy projects in emerging markets, has launched a new financing facility to support the rollout of electricity mini grids across Nigeria. This follows the company’s securing of $7.5 million in funding from British International Investment (BII).

Odyssey revealed that the facility will leverage its proprietary procurement platform and supply chain credit solution to support mini grid developers. The finance will be deployed to support Nigeria’s DARES program, backed by the World Bank, which aims to improve energy access for 17.5 million Nigerians.

“BII has demonstrated a progressive and practical approach to unlocking financing challenges in distributed energy. Their support allows us to offer flexible, affordable procurement and financing options that meet developers where they are, so that we can collectively accelerate electrification across Nigeria,” Piyush Mathur, Odyssey Co-Founder and Managing Director.

Odyssey is looking to bridge the gap between commitment and disbursement of DARES connections-based subsidies by addressing the financing bottleneck of upfront costs such as acquiring equipment and import duties.

The company will help developers procure high-quality solar and energy storage equipment with minimal upfront capital, paying back as projects reach revenue-generating milestones.

“About 90 million people in Nigeria do not have access to electricity. Mini grids powered by clean and affordable energy sources have a vital role to play in rapidly reducing that number. I am delighted that BII is partnering with Odyssey to accelerate the development of such projects,” said Benson Adenuga, West Africa Regional Director at BII.

With more than 3,000 installers and over $3 billion of available finance on the platform, procurement is the latest addition to Odyssey’s end-to-end platform, built to rapidly accelerate the clean energy transition in emerging markets. 

Additionally, integrating procurement, financing and monitoring into a single solution, Odyssey will streamline the solar project lifecycle—enabling companies to scale more quickly, operate efficiently, and deliver clean energy faster than ever before.