Green Street Africa – Distributed Power for Public Buildings
In 2020, the GreenStreet Africa model was selected out of 200 candidates as the Energy Access Idea of the Year by the Global Innovation Lab for Climate Finance. GreenStreet Africa is an innovative platform that aims to implement distributed solar generation for large portfolios of public health and education facilities.
The GreenStreet Africa Development Company is a PPP initiative that aims to provide an innovative energy-as-a-service model to allow private ownership, operation and financing for distributed solar generation projects to supply Nigerian public facilities with reliable on-site electricity. A pilot portfolio is under development for six Federally-owned hospitals in Nigeria, with InfraCredit agreeing to organize the financing. GreenStreet Africa will act as a “Super ESCO” to develop the project sites, design the off-take agreements with the Ministry of Health and establish a lock box mechanism into which budget allocations for the purchase of power from the installed solar generation facilities will be pre-funded annually. The government’s obligation to fund the lock box payments will be underwritten by a third party DFI guarantee. Financing will be provided through an insured bond issue organized by InfraCredit Nigeria.