Prado Power lands senior debt to build five solar mini-grids in Nigeria
What's the deal? Prado Power has secured senior debt from REPP 2, a fund managed by CamcoDealroom has a profile for this one. Try Dealroom →, to build and operate five mini-grids in Nigeria's Benue and Nasarawa states. The financing was announced on September 30, with Camco acting as fund manager and REPP 2 leading.
What's the endgame? The five installations will total 1.84MWp of solar and 5.2MWh of battery storage, serving more than 12,000 planned connections. They fall under the DARES programme, backed by the World BankDealroom has a profile for this one. Try Dealroom → and run by Nigeria's Rural Electrification AgencyDealroom has a profile for this one. Try Dealroom →.
Why now? Public subsidies can support mini-grids in underserved areas but do not cover the full upfront build cost. Nigerian developers are increasingly pairing results-based grants with debt to raise capital before the aid arrives.
How the money moves: Under the performance-based scheme, 80% of the grant is paid after a mini-grid is commissioned, based on connections made. The remaining 20% depends on hitting a minimum consumption level — so debt bridges the gap ahead of those payments.
Prado Power has used this blended model before. In March 2026, the International Finance Corporation signed a facility of up to $10 million with the company, complemented by NorfundDealroom has a profile for this one. Try Dealroom → and concessional capital.
"The financing of Prado Power's mini-grid expansion reflects Camco's commitment to investing in companies building Africa's decentralised energy future," said Alfred Kudjordji-Mensah, investment director at Camco (translated from French).
The signal: As Nigeria pushes to electrify poorly served regions, structures combining private debt and public aid are becoming the template for mini-grid finance. The approach lets developers move faster than grant timelines alone would allow.
Read more: agenceecofin.com
Image credit: Generated with Gemini
