Nigeria’s Eauxwell seeks $12.75 million IFC-backed financing for 73 solar mini-grids

Eauxwell Nigeria Limited, a Nigerian renewable energy developer owned by the Enwegbara family, is seeking up to $12.75 million in debt financing from the International Finance Corporation to expand its solar mini-grid network across Nigeria.

According to project information disclosed by IFC on September 29, 2026, the proposed investment would support Eauxwell’s development of up to 73 mini-grid sites with a combined capacity of 16 megawatts across states including Kano, Gombe and Taraba. The proposed financing is pending approval, with an expected board date of October 31, 2026.

IFC, Norfund back Eauxwell expansion

The proposed financing comprises an IFC A Loan of up to $8.5 million for its own account and a further $4.25 million from Norfund as a parallel lender.

The four-year secured revolving debt facility would finance part of Eauxwell’s construction costs and help accelerate the rollout of its mini-grid pipeline.

The projects are also expected to receive performance-based grants under the World Bank’s Nigeria Distributed Access through Renewable Energy Scale-up Project, known as DARES.

The financing forms part of an IFC platform of up to $200 million designed to provide similarly structured debt investments to mini-grid developers and operators in Nigeria.

Eauxwell expands Nigeria’s renewable energy footprint

Founded in 1987, Eauxwell is a Nigerian renewable energy engineering, procurement and construction contractor and mini-grid developer.

The company has developed 37 mini-grid projects with a combined capacity of 40.1 MW and currently owns and operates seven mini-grids.

Eauxwell is wholly owned by the Enwegbara family and has previously worked with major Nigerian institutions on renewable energy projects.

The company partnered with the Nigeria Sovereign Investment Authority to develop the 10 MW Haske Solar plant and worked with the Rural Electrification Agency to establish a 3.4 MW project at the Federal University of Agriculture, Abeokuta, in Ogun State.

Mini-grids target Nigeria’s electricity access gap

The proposed investment is expected to improve access, reliability and affordability of electricity for consumers without reliable access to power while generating greenhouse-gas emissions savings through renewable energy deployment.

IFC also expects the project to strengthen the competitiveness of Nigeria’s solar photovoltaic mini-grid market by enabling developers to deploy project pipelines more rapidly.

The financing is designed to address funding constraints facing the country’s emerging mini-grid industry, particularly the limited availability of U.S.-dollar financing for projects in the sector.

IFC said its involvement will also provide environmental and social standards support, sector knowledge and capacity-building as Eauxwell scales its operations.

Eauxwell to strengthen corporate governance

As part of the proposed investment, Eauxwell is expected to strengthen its governance structure by appointing a corporate secretary and introducing independent directors.

The company would also formalise shareholder agreements and succession plans and adopt policies covering dividends and minority shareholder rights.

IFC said enhanced environmental, social and governance disclosures would further align the company with evolving investor expectations.

If approved, the financing would position Eauxwell to significantly expand its renewable energy footprint while contributing to Nigeria’s efforts to increase electricity access through decentralised solar power.