Okra Solar Secures $7 Million Debt Facility From BII

Okra Solar mesh-grid technology providing electricity to rural homes in Nigeria.

BREAKING NEWSNovember 11, 2026 at 11:59 AM UTC

TLDR

Okra Solar secured a US$7 million debt facility from British International Investment.
The financing will enable the startup to procure equipment for 150,000 new connections in Nigeria.
This aims to bring electricity to 750,000 people in rural Nigeria for the first time.

Nigerian off-grid energy startup Okra Solar has secured a US$7 million debt facility from British International Investment. The financing aims to accelerate clean energy access and scale mesh-grids across Nigeria. Okra Solar, founded in 2016, provides innovative technology for off-grid communities. British International Investment, known as BII, is the UK’s development finance institution and an impact investor.

Okra's mesh-grid technology combines solar generation, battery storage, and smart controls. This system allows neighboring homes and businesses to share electricity cost-efficiently. The model delivers more power than typical solar home systems while requiring less infrastructure than conventional mini-grids. This approach offers a robust solution for electrifying remote areas.

Okra currently connects over 13,000 households and has more than 2.3 megawatts of installed capacity. The US$7 million facility from BII will enable the procurement of equipment for approximately 150,000 new connections. This represents a more than tenfold increase in connections, with the potential to bring electricity to 750,000 people in rural Nigeria for the first time.

The debt facility addresses a significant barrier to scaling distributed renewable energy by providing flexible working capital. By purchasing inputs upfront and in larger volumes, Okra expects to reduce equipment costs and shorten delivery times to Nigeria from four months to approximately two months. Faster delivery will also help Okra’s developer customers launch projects sooner and access results-based grant payments earlier. BII believes this will demonstrate the commercial viability of mesh-grids and establish them as a key part of Africa’s distributed renewable energy market.

Afnan Hannan, CEO of Okra Solar, emphasized that delays mean communities remain without power. He noted that previously, components were ordered only after a transaction closed and in smaller batches. With BII's facility, Okra can procure long lead time components, including batteries and solar PV equipment, upfront and in volume, reducing costs and ensuring stock availability. Mesh-grids are eligible under Nigeria’s Distributed Access through Renewable Energy Scale-up (DARES) programme, which the Rural Electrification Agency runs with World Bank support.

Points clés à retenir

The US$7 million debt facility secured by Okra Solar from British International Investment highlights a critical mechanism for scaling clean energy solutions in Africa, specifically addressing a key barrier: access to flexible working capital. For innovative energy companies like Okra, the right type of finance is as crucial as the technology itself, as noted by BII's Geoffrey Manley. Historically, Okra ordered components only after a transaction closed, in smaller batches, leading to delays and higher costs, with CEO Afnan Hannan stating that every month a project is delayed means another month a community goes without power. This new financing allows the company to procure long lead time components, including batteries and solar PV equipment, upfront and in volume. This strategic shift is expected to reduce equipment costs and significantly shorten delivery times to Nigeria from four months to approximately two, ensuring stock is ready when a developer signs. Such efficiency gains are vital for accelerating project deployment and enabling developer customers to access results-based grant payments earlier under programs like Nigeria's DARES. The investment underscores the growing recognition of mesh-grid technology as a viable and impactful solution for off-grid communities, offering more power than typical solar home systems with less infrastructure than conventional mini-grids. BII's involvement, as the UK’s development finance institution and impact investor, emphasizes its role in de-risking and validating innovative energy models. This is expected to demonstrate the commercial viability of mesh-grids and establish the model as an increasingly important part of Africa’s distributed renewable energy market, potentially paving the way for broader commercial investment.

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