Lumos Global has secured a $75 million grant from the Federal government of Nigeria. The off-grid solar power company based in Dutch will leverage the funds to power a million Nigerian households by 2025.
The Federal government awarded Lumos Global the funds in a bid to resolve the energy deficit in Nigeria. The grant is part of the $350 million Nigeria secured from the World Bank to scale power supply rates in rural areas.
The company is in a strategic partnership with MTN. Lumos leverages the partnership to provide and distribute solar equipment and services to Nigerians.
It charges about $60 for the equipment and installation. After which customers subscribe $15 monthly through the MTN platform to keep the power on. The equipment powers lights, fans, televisions and even charges mobile phones.
Lumos has powered over 100,000 homes across Nigeria.
According to Alistair Gordon, the Chief Executive Officer of Lumos, the grant will be of aid considering Nigeria’s market size. “The market is enormous. Having some assistance with that significant capex outlay and investment through these sorts of grants is a real help.”
Although Nigeria plans to boost power supply for rural areas, Lumos also intends to boost that of towns and cities. They plan to boost power for cities with frequent outages.
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