The Fund was initially introduce in 2017 as a N1 billion Solar Energy Fund for Micro, Small, and Medium-Sized Businesses (MSMEs).
The objective was to assist in addressing the difficulties in Nigeria’s electricity industry. The range for solar energy developers is N20m to N350m.
According to the BoI, the implementation of the fund is to result in a cleaner and healthier environment by dependable and sustainable energy sources.
Off-grid solar system sales climbed from $23 million in 2018 to $63 million in 2019, more than doubling in value. The BoI CEO, stated that the bank acquired a €100 million (N42.20 billion) line of credit under the Transforming Financial Systems for Climate (TFSC) initiative in conjunction with the Green Climate Fund in August 2022. (GCF).