DART 3.0 Kicks Off, Offering DRE Companies Access to Financing and Affordable Equipment
Lagos, Nigeria | 8 February 2024 — The Demand Aggregation for Renewable Technology (DART) program, an initiative aimed at accelerating the deployment of renewable energy in Nigeria, announced the commencement of the DART 3.0, with its variation of equipment and facility. This program offers expanded opportunities for Distributed Renewable Energy (DRE) companies to acquire essential equipment at affordable prices and with attractive financing terms.
Prior to the launch of DART in 2022, many DRE companies, particularly small and medium-sized enterprises (SMEs), faced challenges accessing affordable equipment due to their limited negotiation power. DART addresses this by aggregating demand, allowing companies to benefit from economies of scale and secure equipment at a discounted rate of up to 30%, and providing working capital financing to support equipment.
Launched in 2022 with an initial program size of $10 million, DART quickly expanded to $25 million due to the significant demand witnessed from DRE companies. DART 2.0 further amplified its impact by expanding the scope of the program to address DRE areas not previously captured and partnering with leading financial institutions to offer even more comprehensive financial solutions. Now, DART 3.0 builds on this success with a renewed focus on DRE companies, offering them additional procurement solutions tailored to their specific needs.
“We are thrilled to have reached DART 3.0 which builds upon the program’s incredible success in accelerating the deployment of renewable energy in Nigeria,” said Chief Executive Officer, Caroline Eboumbou. “The challenges faced by DRE companies in accessing equipment and financing are significant, but DART 3.0 demonstrates the power of collaboration. Through this program, we are working together with strong partners to unlock the potential of renewable energy and make a real difference in the lives of Nigerians. Thank you to all our partners and the companies we work with for your feedback, this helps us to ensure that each year gets bigger and better,” she said.
Speaking at the launch, Lead Strategic Initiative, Odyssey, Henrik Axelsson Lilja said, “At Odyssey, we constantly think about how we can improve our services and offerings. We heard feedback from some companies wanting the processes more streamlined, faster, and simpler. We are happy to announce that we have worked closely with the DART program and All-On to allow companies to fast track their procurement process, as well as developed partnership agreements with manufacturers and supply chain partners to ensure quick and smooth equipment deliveries. Once your application is approved, Odyssey will handle the equipment ordering and delivery process.”
Fauzia Okediji, Manager for Utility Innovation, at GEAPP said, “We are excited to see the success that DART has attained to date. Our collaboration with All On and Odyssey to provide innovative financing solutions for the program is a demonstration of the need for bold, united multi-sectoral coordination, calling on the strengths of diverse actors to address the gaps that persist in bringing about green energy transition across Africa and charging a new trajectory for a renewable energy future that is just, equitable and enduring. We look forward to continuing working together as we scale this work further, to drive access to energy for more people that need it most.”
Also present at the kick off was the President, Renewable Energy Association of Nigeria (REAN), Ayo Ademilua who assured the partners and developers of the association’s continued support.
DRE companies interested in participating in DART 3.0 can visit the Odyssey’s website. The program welcomes applications from companies across various DRE segments, including solar mini-grids, off-grid systems, and clean cooking solutions.
About All On
All On, an independent impact investing company, was seeded with funding from Shell, and works with partners to increase access to commercial energy products and services for unserved and underserved off-grid energy markets in Nigeria, with a special focus on the Niger Delta. All On invests in off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies deployed by both foreign and local access-to-energy companies that complement available grid power across Nigeria and help bridge its significant energy gap.
To learn more, please visit www.all-on.com
Contact: email all-on-communications@all-on.com
About GEAPP
The Global Energy Alliance for People and Planet (GEAPP) is an alliance of philanthropy, governments in emerging and developed economies, and technology, policy, and financing partners. Our common mission is to enable LMIC’s shift to a clean energy, pro-growth model that accelerates universal energy access and inclusive economic growth, while supporting the global community to meet critical climate goals during the next decade. As an alliance we aim to reduce 4 gigatons of future carbon emissions, expand clean energy access to one billion people, and enable 150 million new jobs. With philanthropic partners, IKEA Foundation, The Rockefeller Foundation, and Bezos Earth Fund, GEAPP works to build the enabling environment, capacity, and market conditions for private sector solutions, catalyze new business models through innovation and entrepreneurship, and deploy high-risk capital to encourage private sector solutions, and assist just transition solutions. For more information, please visit www.energyalliance.org and follow us on X at @EnergyAlliance.
Contact: Annette Mutuku | annette.mutuku@energyalliance.org
About Odyssey
Odyssey Energy Solutions is a climate tech company transforming distributed energy globally. Odyssey offers a freemium end-to-end solution to finance, procure equipment for, and operate distributed energy projects at scale across the globe. The company is facilitating more than $1.4B of finance into the sector, delivering tools and services to over 2,600 developers and is backed by leading investors. For more information, please visit, https://odysseyenergysolutions.com.
Contact:Â solutions@odysseyenergysolutions.com
About REAN
Renewable Energy Association of Nigeria (REAN) is the foremost independent, non-profit industry association founded by stakeholders in the renewable energy sector in Nigeria. REAN is an industry association of renewable energy professionals, project developers and practitioners that promotes the interest of the private sector in Nigeria’s Renewable Energy sector. REAN is dedicated to promoting the growth and development of the industry in Nigeria by engaging with the public and private sector to guide advocacy, policy formulation and investment in the sector.
Contact: info@rean.org.ng
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