PowerGen closes Series C with $5M mezzanine investment from All On

What's the deal? Nigerian renewable energy firm All OnDealroom has a profile for this one. Try Dealroom → has invested $5 million in PowerGen Renewable Energy Nigeria, closing the Series C round of the company's parent, WindGen Power USA. The mezzanine investment funds isolated and interconnected mini-grid projects serving households, commercial, and industrial customers across Nigeria.

What's PowerGen? It operates renewable energy and distribution utility projects across Africa, with offices in Kenya, Nigeria, Sierra Leone, and the Democratic Republic of Congo. In Nigeria, it built the Toto Community Mini Grid Project in Nasarawa State — the country's first interconnected hybrid solar mini-grid.

Who else is in? All On's investment closes the round alongside capital from ElectriFIDealroom has a profile for this one. Try Dealroom →, Impact Fund DenmarkDealroom has a profile for this one. Try Dealroom →, the Sustainable Energy Fund for Africa, and InfraCo.

What's the endgame? The money will deepen PowerGen's Nigerian footprint and expand deployment of renewable infrastructure for customers with limited or unreliable power. The projects target up to 6,000 electricity connections, roughly 41,000 beneficiaries, up to 9MW of generation capacity, and about 470 jobs.

Why it matters? "PowerGen has demonstrated that renewable energy solutions can be efficiently deployed to serve communities and businesses where reliable electricity remains a challenge," said All On chief executive officer Caroline Eboumbou.

The signal: The round backs a proven platform to move projects from development into delivery, positioning PowerGen to deploy both standalone and grid-connected solutions as Nigeria works to close its electricity access gap.

Read more: newtelegraphng.com

Image credit: USDAgov