GVE DARES (IFC-51222)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Nigeria
Geographic location where the impacts of the investment may be experienced.
Specific Location
Niger, Kogi, Anambra, Rivers, Bayelsa, Plateau, Gombe and Taraba
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 2, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
GVE PROJECTS LTD
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 9.60 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 9.60 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 37.30 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 10, 2025

Disclosed by Bank Oct 31, 2025

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Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the IFC, GVE Utilities Limited - a wholly owned special purpose vehicle of GVE Projects Limited (“GVE” or the “Company”) is one of seven renewable energy services company (RESCOs) proposed for financing in the first cohort of the IFC DARES Platform. The proposed investment is to support the Company to build up to 41 mini-grid sites, totalling 7 MW, delivering new connections across states including Niger, Kogi, Anambra, Rivers, Bayelsa, Plateau, Gombe and Taraba in Nigeria. The sites are expected to receive performance-based grants from the World Bank Nigeria Distributed Access through Renewable Energy Scale-up Project (Nigeria DARES).The debt investment is part of an up to US$200 million IFC DARES Platform under which IFC is looking to provide similarly structured debt investments to several mini grid developers/operators.                                                  

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

As stated by the IFC, the total project cost is US$37.3 million.

The proposed IFC financing will be a 4-year secured debt revolver to GVE comprising of (i) and IFC A loan of up to US$4.8 million on its own account (ii) a subordinated concessional loan of up to US$4.8 million from IFC as implementing entity of the IDA21 Private Sector Window (PSW) and for its own account under IFC’s Concessional Capital Window (CCW)-IDA21 (iii) US$2.4 million from parallel senior lenders – Norfund.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As shown in the table below, the GVE’s three co-founders jointly account for 67.3% of total shareholding, while corporate shareholding, held by Bank of Industry and All On, jointly account for 27.0% of shareholding. Two non-executive directors including the Board Chairman own a combined minority shareholding of 1.6%. 4.1% of the shareholding is distributed among other members of the management team.

S/n

Name

Relationship

% ownership

1

Ifeanyi Orajaka

Managing Director; Co-founder

36.5%

2

Chuka Eze

CTO; Co-founder

20.3%

3

All On

Corporate shareholder

18.9%

4

Ikechukwu Onyekwelu

COO; Co-founder

10.5%

5

Bank of Industry

Corporate shareholder

8.1%

6

Gloria Chukwudebe

Board Chairman

0.8%

7

Kalada Apiafi

Non-executive Director

0.8%

8

Others

Other members of the management team

4.1%

 

Total

 

100.0%
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - GVE PROJECTS LTD Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - GVE Projects Limited:

Ifeanyi Orajaka - Managing Director
Phone: +2348064075280
Email: iorajaka@gve-group.com 
Address: 22A Suez Crescent, Off Ladi Kwali Street, Wuse Zone 4 FCT-Abuja, Nigeria
Website: www.gve-group.com  

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works