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FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
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$.5m investment deal: All On/ Greenage Technologies to lower cost of solar equipment



By Akinola Ajibade


Brighter days are ahead of investors in solar energy in the country, as Shell announced a $500,000 investments in Greenage Technologies Power Systems Company.

Coming from All On, a Shell-funded impact investment company, the investments would Greenage Technologies Power Systems Company to fund the construction and expansion of its charge controllers and inverters manufacturing facility in Enugu State in South-Eastern Nigeria.

Through this means, the solar energy facility firm would be able to double  its existing manufacturing capacity for inverters, charge controllers, and the possibility to assemble lithium-ion batteries and also become the Africa largest electronics company for solar equipment.

Interestingly, the investments, if things go according to plans would culminate in the reduction of solar equipment, as well as increasing the patronage of these products.

Speaking on the issue, the Co-founder and Head of Business Development,Greenage Technologies, Ogechukwu and Uchechukwu said:  

“We’re delighted to receive this support from All On that will reduce the cost of solar energy components through local manufacturing

The investment which is a mix of equity and convertible debt will enable Greenage to expand its manufacturing business through the acquisition & development of a new factory and fund its working capital needs – enabling it to meet the increasing demand for locally manufactured solar systems components.

In his own comment, Dr. Wiebe Boer, All On CEO, said:”We are proud to close another transaction to enhance the localization of the solar supply chain,”

According to him, through this investment, All On is lowering the proportion of solar components imported into Nigeria. “This investment is at the core of our commitment to investing in youth-driven Nigerian companies like Greenage to accelerate the sector’s growth and contribute to closing the energy access gap.”

“Greenage was a USADF/All On Off-Grid Energy Challenge winner in 2018, receiving $100,000 to fund the installation of solar systems in over 40 households and businesses. This additional funding is an indication of All On’s growing confidence in the company’s vision to play an increasingly important role within the Nigerian renewable energy value chain as a manufacturer of solar energy system components.”

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