Kano Electricity Distribution Company (Kano Disco) is seeking $200 million in investment to upgrade its infrastructure and revolutionise electricity distribution for an estimated 25 million Nigerians.
Kano Electric is partnering with BlackAion Capital, a Mauritius-based firm to re-capitalise the network and specifically work on the $200 million fundraise for the interconnected mini-grids and embedded generation projects in Kano, Katsina and Jigawa States, BusinessDay reports.
“We believe Kano’s network is the most exciting network for investment, not just in Nigeria but in Africa. Where else do you have a large economy with 25 million people subsisting on mainly Diesel and small petrol generators with insufficient grid supply,” Okwu Njoku, managing partner at BlackAion said.
He added, “Every green investor in the world should be trying to get into Kano because the environmental impact of allowing Kano DISCO to continue to be inefficient is too high, and you can still make a high return while being good”.
The ambitious plan, championed by the company’s core investors, aims to build at least 200MW of incremental capacity through at least 100 mini-grids and embedded generation.
“You will see these interconnected mini-grids popping up everywhere in our network in Katsina and Jigawa also to augment electricity supply for our consumers, while we prioritise bulk grid supply to industrial consumers,” Adamu Gumel, chairman of Kano Disco said.
