Co-funding Development Capital to Unlock Over $80 Million in Clean Energy Investments
The Seed Capital Assistance Facility (SCAF) is proud to support Konexa’s next phase of renewable energy development in Nigeria. Through its co-funding of the 25% development capital contribution alongside Konexa, and in partnership with Climate Fund Managers (CFM) and Norfund, SCAF is helping unlock over USD 80 million in construction-stage investment for two transformative clean energy projects.
The initiative includes the development of a 50 MW solar PV plant and upgraded grid infrastructure to power Nigerian Breweries Plc sites in Lagos and Enugu State, as well as the continued rollout of Konexa’s renewable energy trading platform for commercial and industrial (C&I) users. The project is expected to avoid 30,000 tonnes of CO₂ emissions annually, create 100 jobs during construction, and support 35 permanent roles.
SCAF’s Role: Catalysing Scale and Sustainability
This phase of the project would not have been possible without SCAF’s critical early-stage support, which has helped Konexa accelerate the development of a scalable, bankable clean energy model in Nigeria. Under its Support Lines 1 and 2, SCAF is directly enabling the origination and structuring of innovative renewable energy solutions that align supply with the needs of large C&I energy users.
Pradeep Pursnani, CEO of Konexa, stated:
“This project would not have been possible without the early and catalytic support from SCAF. Their flexible development capital is accelerating our path toward financial sustainability and scaling our impact. It is exactly the kind of support the market needs more of to drive the decarbonisation and energy transition agenda in Africa. By de-risking early-stage work, SCAF is helping unlock private capital and deliver real, bankable projects at scale.”
This new phase builds on Konexa’s successful USD 18 million renewable power deployment to Nigerian Breweries sites in Kaduna in 2024, co-financed by CFM, the European Union, and Microsoft’s Climate Innovation Fund. With SCAF’s support, Konexa is now positioned to expand its innovative clean energy platform and contribute meaningfully to Nigeria’s Vision 30:30:30 goal of achieving 30% renewable energy in the national mix by 2030.
About Seed Capital Assistance Facility (SCAF)
The Seed Capital Assistance Facility (SCAF) is a donor-funded initiative supporting early-stage clean energy project development in emerging markets. SCAF is funded by the UK’s Foreign Commonwealth and Development Office (FCDO) and Germany’s Federal Ministry for Economy and Climate Action (BMWK). SCAF is implemented by United Nations Environment Programme (UN Environment) together with Frankfurt School of Finance & Management. SCAF helps de-risk renewable energy ventures and unlock private investment to accelerate climate-aligned infrastructure in Africa and Asia.
