Nigerian renewable energy entrepreneur Habiba Ali’s Sosai Renewable Energies Company is set to receive up to $6 million in proposed debt financing from the International Finance Corporation (IFC) to deploy 76 solar mini-grids across underserved communities in northern Nigeria.

The proposed four-year secured revolving debt facility, comprising a $4 million IFC loan and $2 million from a parallel lender, will support the development of mini-grids with a combined capacity of 8.55MW across Kaduna, Kogi, Plateau, Yobe and Zamfara states.

IFC proposes $6 million facility for Sosai

The project is currently pending approval, with IFC’s board consideration scheduled for October 31, 2026. The total project cost is estimated at $27.86 million, while IFC’s proposed financing comprises a four-year secured revolving debt facility. The facility would include an IFC A loan of up to $4 million for its own account and a further $2 million from a parallel lender.

The financing forms part of IFC’s up to $200 million Distributed Access through Renewable Energy Scale-up (DARES) platform, under which the World Bank Group institution is providing similarly structured debt financing to renewable energy companies developing mini-grids in Nigeria.

The mini-grid sites are expected to receive performance-based grants under the World Bank-backed Nigeria DARES project, helping support the expansion of distributed renewable energy infrastructure.

Habiba Ali retains majority stake in Sosai

Sosai Renewable Energies, established in 2010, is majority-owned by its founder and Managing Director Habiba Ali, who holds a 78% stake in the company.

The remaining 22% is owned by employees and family members, who are involved in the company’s operations.

Habiba Ali has built Sosai around the development and distribution of renewable energy solutions for underserved communities in Nigeria. The company has previously worked on solar mini-grid projects and other clean-energy solutions, including solar products and clean cooking technologies.

Sosai targets 54,181 new electricity connections

The proposed investment is expected to add 8.55MW of distributed renewable energy capacity and create 54,181 new electricity connections in Nigeria.

IFC estimates that the project could improve the access, reliability and affordability of electricity for consumers currently without adequate access to power, while reducing greenhouse-gas emissions by providing an alternative to diesel generators.

The corporation expects the project to contribute to the competitiveness of Nigeria’s solar photovoltaic mini-grid market by enabling developers to roll out multiple projects through a programmatic approach.

Nigeria’s mini-grid market has also gained regulatory support, with the Nigerian Electricity Regulatory Commission’s 2026 regulations allowing isolated mini-grids of up to 5MW and interconnected mini-grids of up to 10MW per site.

Northern Nigeria becomes focus of expansion

Sosai plans to deploy the mini-grids in remote and rural communities across Kaduna, Kogi, Plateau, Yobe and Zamfara states.

IFC expects its financing to help Sosai overcome foreign-exchange constraints facing renewable energy developers by providing U.S.-dollar funding for construction and operational costs.

Beyond financing, IFC said its involvement would provide sector knowledge, capacity building and support for compliance with environmental and social standards, drawing on its experience from previous mini-grid projects in Nigeria and the wider DARES platform.

Sosai’s proposed expansion comes as development financiers increasingly turn to distributed renewable energy to address Nigeria’s electricity-access gap, with other DARES-backed projects also targeting dozens of new mini-grids across the country.