Odyssey Energy Solutions, a digital platform for renewable energy projects, has received a $7.5 million funding facility from British International Investment (BII), the UK’s development finance institution. The capital is designated to accelerate the rollout of solar mini-grids across Nigeria by providing flexible financing options for developers.
The investment directly supports Nigeria’s Distributed Access through Renewable Energy Scale-up (DARES) programme, a major government initiative managed by the Rural Electrification Agency (REA) and backed by the World Bank.
Tackling the Energy Gap
Nigeria faces a significant energy access challenge, with an estimated 90 million people — nearly half the population — living without a connection to the national electricity grid. This gap hinders economic development, education, and healthcare, particularly in rural areas.
Mini-grids, which are decentralised, small-scale electricity networks typically powered by solar energy and batteries, are seen as a critical and scalable solution to connect underserved communities faster and more affordably than extending the central grid.
The new facility from BII will allow mini-grid developers to procure essential high-quality equipment, such as solar panels and energy storage systems, addressing one of the key financial hurdles they face.
“BII has demonstrated a progressive and practical approach to unlocking financing challenges in distributed energy,” said Piyush Mathur, Co-Founder and Managing Director of Odyssey Energy Solutions. “Their support allows us to offer flexible, affordable financing options that meet developers where they are, so that we can collectively accelerate electrification across Nigeria.”
The Digital Backbone of DARES
The DARES programme is one of the most ambitious distributed energy initiatives in Africa. It aims to provide electricity access to 17.5 million Nigerians by deploying up to 1,500 mini-grids and 1.5 million standalone solar home systems.
Odyssey’s technology serves as the official digital platform for the entire programme. It acts as the operational backbone, enabling the REA to manage the complex project at scale. Developers use the platform to submit and manage project proposals, while the REA uses it to efficiently evaluate applications, track project performance in real-time, and disburse results-based payments. This digital infrastructure is designed to ensure transparency, accountability, and efficiency throughout the programme’s lifecycle.
The platform also integrates geospatial intelligence tools from VIDA, providing developers with robust data for site identification and planning.
A Vote of Confidence
The investment is being framed as a strong signal of confidence in Nigeria’s growing clean energy sector and a model for public-private partnerships.
“About 90 million people in Nigeria do not have access to electricity. Mini-Grids powered by clean and affordable energy sources have a vital role to play in rapidly reducing that number,” commented Benson Adenuga, West Africa Regional Director for BII. “I am delighted that BII is partnering with Odyssey to accelerate the development of such projects.”
The deal also aligns with the UK’s strategic partnership with Nigeria. Jonny Baxter, the British Deputy High Commissioner in Lagos, noted that UK finance is playing a pivotal role in the partnership. “This is a signal that opportunities for the private sector to drive forward the renewable energy revolution in Nigeria and across Africa are growing,” he stated.
By combining international funding, government leadership, and a purpose-built digital platform, the DARES programme and this latest investment offer a potential blueprint for tackling energy poverty in other emerging markets.