Privida_DARES (IFC-50119)

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
Adamawa, Benue, Cross River, Delta, Edo, Gombe, Kano, Kogi, Kwara, 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
Nov 15, 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
PriVida Power Limited
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)
$ 12.96 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)
$ 12.96 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)
$ 16.20 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 3, 2025

Disclosed by Bank Oct 6, 2025

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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, PriVida, a renewable energy company founded in 2013 in the UK with focus on Africa established its operations in Nigeria in 2021. PriVida currently operates 25 mini-grids, serving over 22,504 customers across Benue, Kogi, and Nasarawa states. In addition to mini-grid development and operations, the company also has pioneered in Building Integrated Photovoltaics (BIPV) and actively deploys Pay-As-You-Go (PAYG) solar home systems.

The proposed IFC investment consists of a 4-year, senior secured revolving loan of up to $16.2 million financing to PriVida Power Limited Nigeria, to part-finance the Company’s capex plan to construct and operate 75 mini grids across 10 states (Adamawa, Benue, Cross River, Delta, Edo, Gombe, Kano, Kogi, Kwara, Taraba) in Nigeria.

The Project will be developed under the World Bank (WB) Nigeria DARES Program (WB DARES) and will be eligible to receive performance-based grants (PBG) from the Rural Electrification Agency (REA) of Nigeria that will primarily be used to repay the IFC Loan. The Project has a combined installed capacity of 26.6MW, making 120,300 connections. The WB Nigeria DARES builds on the achievements of the WB-financed Nigeria Electrification Project (NEP), which has supported the establishment of over 175 mini-grids and the sale of more than a million Solar Home Systems, through which millions of Nigerians have gained access to electricity.

The interconnected grids are in peri-urban areas and the isolated mini-grids are mostly located in rural communities close to population centers on small parcels of land of ~ 0.25ha, purchased on a willing buyer-willing seller basis. Land for the mini-grids is acquired in accordance with the procedures set out in the World Bank-approved Resettlement Policy Framework (RPF) developed under the DARES Platform, which serves as a core E&S instrument for projects implemented through this program. The infrastructure includes a mini-grid solar park and low-voltage distribution networks mounted on 8.6-meter concrete poles. Construction at each site is expected to span four to six months, involving local labor recruited by PriVida directly and by Contractors. The construction period of each mini grid will include both direct work and contracted scopes, but operation and maintenance (O&M) will be managed in-house by the Company.

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

As stated by the IFC, the proposed IFC financing will be a secured revolving debt facility to PriVida Power comprising: (1) an IFC A loan of up to US$6.48 million on its own account; and (2) a subordinated concessional loan of up to US$6.48 million from IFC as implementing entity of the IDA21 Private Sector Window (PSW) Blended Finance Facility (BFF) and for its own account under IFC’s Concessional Capital Window (CCW)-IDA21. IFC will also mobilize US$3.24 million from NorFund as a parallel lender.

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 stated by the IFC, PriVida is a UK-founded renewable energy company with operations in Nigeria, Cameroon, and the UK, focused on expanding clean energy access in underserved regions. The Company has a diverse range of business lines, with operations spanning mini-grids, Building Integrated Photovoltaic (BIPV), SHS, and plans for local manufacturing of solar panels and batteries. PriVida currently operates 25 mini-grids, serving over 22,504 customers across Benue, Kogi, and Nasarawa states in Nigeria. The Company is 94% owned by its senior management, ensuring strong alignment between leadership and ownership and the rest is owned by individual investors.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - PriVida Power Limited 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 - PriVida Power:

Omozaphue Akalumhe - Group CEO / Executive Director
Phone: +2348035552124
Email: o.akalumhe@prividaenergy.com 
Address: 7 TF Kuboye Street, Lekki, Lagos, Nigeria
Website: https://www.prividaenergy.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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