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PROJECT CASE STUDY: / 05
Darway Coast Limited
Solar GridOperational
Rivers & Abia States
CAPACITY INSTALLED
526kW
installed green capacity de-risked by first-loss co-financing.
EMISSIONS AVOIDED
4,856 Tonnes GHG/yr
tonnes of greenhouse gas emissions offset annually by the project.
JOB CREATION
2,296 Jobs
sustainable direct and indirect jobs facilitated in local communities.
CONNECTIONS POWERED
7,711 Connections
projected household and SME connections powered across Nigeria.
CAPITAL DEPLOYED
₦800 Million
mobilized from institutional investors and pension funds into the real economy.
Project description
Pioneering Green Blended Local Currency Bonds for Mini-Grids
The project involves the construction of isolated solar mini-grids with a total capacity of 526.1 kW across six communities in Rivers and Abia States that previously lacked grid access. Darway Coast specializes in providing hybrid solar mini-grid and micro-grid solutions using a 'Pay-As-You-Go' (PAYG) business model supported by smart meters and remote monitoring systems.
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SpecificationProject Metrics & Details
DEVELOPERDarway Coast Limited
STATESRivers & Abia States
CAPACITY526kW
SECTORSolar Grid
CLOSE YEARSep. 2022
PRIVATE CAPITAL₦800 Million
CONNECTIONS7,711 Connections
JOBS CREATED2,296 Jobs
GHG OFFSET4,856 Tonnes GHG/yr
Project ID / 05
Darway Coast Limited
The challenge & problem
Underserved coastal and riverine communities in Rivers and Abia states suffered from absolute energy poverty. Local businesses and fishermen relied on toxic petrol generators, driving up operational costs and damaging coastal ecosystems.
The action plan & solution
Pioneered the first-ever green-certified blended local currency debt issue for a solar mini-grid in Nigeria. The NGN 800 million funding backed Darway Coast to build 526kWp of isolated solar mini-grids utilizing smart prepaid meters and remote disconnections.
Developmental & environmental impact
Eliminated diesel generators in target locations, cutting 4,856 tonnes of CO2 emissions annually. Powered 7,711 homes and retail stores, creating 2,296 direct and indirect jobs.
Financial Close2022
Private Capital Mobilised₦800 Million
Aligned SDG Goals
SDG 7
SDG 13
Financing structure
Blended finance mechanism & risk-mitigation architecture
De-risked Credit Enhancement
The project utilized a blended finance structure, issuing an NGN 800 million, 7-year Series 1 Fixed Rate Guaranteed Senior Green Infrastructure Bond (due 2029). The transaction was co-financed by the UK-funded Climate Finance Blending Facility (CFBF) providing subordinated first-loss capital, which de-risked the project and enabled InfraCredit to provide a AAA-rated guarantee, crowding in matching investments from 6 domestic institutional investors.
Financing key parameters
Instrument TypeCo-financing / Bond
Credit RatingAAA-Rated (Guaranteed)
Facility SupportCFBF (First-loss)
CurrencyLocal Currency (NGN)
Capital Deployed₦800 Million
Finance architecture
Illustrative transaction structure
Expected impact
A holistic approach to clean energy infrastructure & resilience
Expected impacts from the project include electrifying up to 7,711 unserved households and small businesses, creating up to 497 jobs, and avoiding an estimated 4,856 tonnes of greenhouse gas (GHG) emissions annually, conforming to the Climate Bonds Standard Solar Sector Criteria and contributing to UN SDGs 7, 8, 9, 11, 13, and 17.
01
Renewable Energy
SDG 7SDG 13SDG 9
Financing clean energy generation to power communities, foster innovation, and drive global climate action.
02
Energy Efficiency
SDG 7SDG 11SDG 13
Optimizing energy consumption in sustainable cities and industrial infrastructure to reduce carbon footprints.
03
Gender Equality & Jobs
SDG 5SDG 8
Empowering women in leadership and creating decent work opportunities across the clean energy value chain.
04
Partnership for Growth
SDG 17
Collaborating with global and local institutions to mobilize capital for sustainable, inclusive development.
Technical Assistance & Support
fsdafricaTechnical Assistance Partner
FSD Africa Support
Funded the upfront due diligence costs for the Project through its technical assistance facility for climate aligned infrastructure bonds established with InfraCredit.
Rating Agency
GCRRATINGS
An Affiliate
of Moody's
Investors Service
of Moody's
Investors Service
Green Verifier
Agusto&Co.
Research, Credit Ratings, Risk Management
Stakeholder testimonials & proof
Community voices & project progress
Community Interview
Meet Felicia Adindu – End User, Darway Coast
LocationRivers & Abia States
Community Interview
Meet Uche Anaele – End User, Darway Coast
LocationRivers & Abia States
Community Interview
Meet Emeka Chiagu – End User, Darway Coast
LocationRivers & Abia States
Community Interview
Meet Chioma Chiwendu – End User, Darway Coast
LocationRivers & Abia States
Visual portfolio
Shaping a more sustainable tomorrow
Mini-grid substation panels overlooking Akpoku community boundaries.
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Explore alternate cases
Related project commitments
CROSS RIVER STATE•760KW
Challenge & Solution
Rurally isolated farming communities in Cross River state had zero electricity connections. Small businesses suffered from irregular operations, and cocoa drying was dependent on firewood combustion, causing regional deforestation.
Financial Close2025
Private Capital₦1.70 Billion
SDG 7
SDG 13
AKWA-IBOM & BENUE STATES•850kW
Challenge & Solution
Akwa-Ibom and Benue states are prime agricultural hubs, yet farmers suffered from high post-harvest losses (over 40%) due to a lack of power for cold preservation, milling, and value-addition processing.
Financial Close2024
Private Capital₦1.95 Billion
SDG 7
SDG 8
SDG 9
Developer pipeline
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