Olaniwun Ajayi LP is pleased to have acted as legal adviser to British International Investment plc (BII) on its grant of a US$7.5 million term loan to Odyssey Energy Solutions Procure I, Inc. (Odyssey), a technology company focused on accelerating the distribution of energy in emerging electricity markets, to facilitate the deployment of mini-grids across Nigeria (the Financing).
The Financing is aimed at providing equipment procurement services to mini-grid developers participating in the Distributed Access Through Renewable Energy Scale-up Program (DARES Program). This facility from BII will help address financial constraints faced by mini-grid developers, particularly in relation to equipment procurement, which often accounts for up to 80% of total project costs, and will position developers to leverage grant funding available under the DARES Program.
The Financing demonstrates BII’s continued confidence in Nigeria’s renewable energy sector and marks an important milestone for strategic financing that expands access to reliable and sustainable electricity.
Olaniwun Ajayi LP is honoured to have advised BII on this transaction, which further underscores the Firm’s dedication to promoting investments that drive sustainable growth and energy access across Africa.