The Pilot Transaction
Nigeria's first syndicated blended finance instrument for distributed renewable energy. $188 million. 191MW. Launched 7 May 2026.
The First Transaction of Its Kind in Nigeria.
The GFIF Pilot Syndicated Financing Facility is a $188 million blended finance transaction financing 191 megawatts of distributed solar energy across Nigeria. It is the first transaction under the Green Finance and Investment Facility platform, and the first syndicated blended finance instrument structured specifically for the distributed renewable energy sector in Nigeria.
The Facility brings together results-based financing, senior concessional debt, co-lending, and equity co-investment in a single coordinated instrument, structured across 12 project lots awarded under the Rural Electrification Agency's DARES programme.
The transaction was officially launched on 7 May 2026 at the Oriental Hotel, Victoria Island, Lagos, at a ceremony attended by institutional partners, developers, and senior government representatives.
One Coordinated Instrument.
Results-Based Financing
REA / DARES
Senior Concessional Debt
Senior Lender
Equity Co-Investment
ARMHIIL + Developers
GFIF Pilot Facility
$188M · 191MW
12 Project Lots
9 Developer Entities
230K Households
A Coordinated Instrument.
RURAL ELECTRIFICATION AGENCY (REA)
Results-Based FinancingProvides $126 million in results-based grant financing under the DARES programme, disbursed in tranches against commissioning and connection milestones.
FIRST CITY MONUMENT BANK (FCMB)
Co-Lender · Transaction BankCo-lender providing a significant portion of the debt tranche and serving as transaction bank, managing disbursements and collections across the facility.
ARM HARITH INFRASTRUCTURE INVESTMENT LIMITED (ARMHIIL)
Equity Co-InvestorNigerian institutional equity co-investor providing equity capital alongside qualifying project developers.
BARTON HEYMAN LTD (BHL)
Programme Manager · Lead ArrangerDesigned the transaction architecture, assembled the institutional syndicate, and manages programme execution as General Partner and Lead Arranger of the GFIF platform.
12 Lots. 12 States. 191MW.
The Pilot Transaction finances 12 project lots across Nigeria, each awarded under the DARES programme. Projects span urban, peri-urban, and rural communities, delivering distributed solar capacity to households and commercial customers across the country.
| LOT | STATE | STATUS |
|---|---|---|
| Lot 1 | Abuja (FCT) | In Execution |
| Lot 2 | Kogi | In Execution |
| Lot 3 | Delta | In Execution |
| Lot 4 | Ondo | In Execution |
| Lot 5 | Oyo | In Execution |
| Lot 6 | Lagos | In Execution |
| Lot 7 | Kano | In Execution |
| Lot 8 | Akwa Ibom | In Execution |
| Lot 9 | Rivers | In Execution |
| Lot 10 | Adamawa | In Execution |
| Lot 11 | Taraba | In Execution |
| Lot 12 | Yobe | In Execution |
The Pipeline Behind the Transaction.
The Distributed Access through Renewable Energy Scale-up programme is managed by the Rural Electrification Agency of Nigeria and supported by the World Bank. DARES finances distributed renewable energy projects targeting electrification of communities and commercial customers across Nigeria.
The GFIF Pilot Facility finances projects awarded grants under DARES, providing the structured debt and equity capital that transforms grant awards into fully financed, operational projects.
The Minimum Subsidy Tender mechanism at the heart of DARES ensures that grant capital is deployed efficiently, awarded to developers who can deliver the most capacity for the least public subsidy, maximising the impact of every dollar of concessional finance.
Interested in the Pilot Transaction?
Whether you are a financier, co-investor, or developer, we welcome conversations with institutions that share our commitment to scaling distributed energy finance in Nigeria.