PARTNER CONTENT/ENERGY TRANSITION
Impact investing firm, All On is a name that now features recurringly in Nigeria’s renewable energy sector.
Stakeholders in renewable energy who have had dealings with the company sometimes refer to All On as Shell, as if the name is interchangeable with that of the oldest operating oil major in.
Although All On is an independent, wholly Nigerian owned and operated entity, there is an affiliation to Shell: the company is seeded by Shell as part of the major’s commitment to closing the access to energy gap in Nigeria via investments in off-grid energy solutions.
It is one of the vehicles that Shell uses to enable electricity access to the unserved and underserved in the country via renewable energy.
Africa Oil+Gas Report can confirm two things: (1) All On has a firm commitment from Shell of at least a few hundred million dollars, and (2) any gain from its investment does not go back to Shell. So, it re-invests the gains.
This is how All On describes itself:
“All On is an independent Nigerian impact investing company that invests in businesses that increase access to commercial energy products and services for unserved and underserved off-grid energy markets in Nigeria, with a special focus on the Niger Delta”, the company says on its website. “All On invests in off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies deployed by both foreign and local access-to-energy companies that complement available grid power across Nigeria and help bridge its significant energy gap”.
As an impact investing vehicle, All On is closer in terms of raison d’être to say Norfund (the Norwegian Investment Fund for developing countries), or Finnfund (a Finnish development financier and professional impact investor), than the African Development Bank () which is a lender, even if for development projects.
“Shell started conceiving of interventionist companies like All On, as it began to divest from the oil and gas assets in Nigeria”, Africa Oil+Gas Report learns from sources. Excited by what it considers the relative success of Shell Nigeria Gas Limited, a downstream gas marketing subsidiary of the company, in delivering natural gas to grassroots business enterprise, Shell’s objective was to make even more impact in energy delivery. However, unlike Shell Nigeria Gas, All On was deliberately not set up as an operator, but rather as an investment company.
Instead, All On sees itself as supporting and investing in existing energy solution providers to help them grow and achieve scale. “All On provides debt and equity matched to the needs of energy enterprises at a range of sizes. The focus is on enterprises with proven off-grid energy technology solutions and businesses that are ready to scale”. That is its impact investing mantra. The company also leverages capital for the Nigerian off grid energy sector.
In addition to direct funding as well as leveraging with partners to finance projects, All On sees itself as an enabler of a conducive environment. “All On helps to foster a supportive business and regulatory environment for off grid energy companies to thrive. It works with strategic partners on advocacy and policy issues to fast track the creation of an enabling environment for the renewable energy sector. All On promotes innovation and identification of promising business and deployment models, helps partners and entrepreneurs to obtain and share information effectively, commissions industry relevant research, contributes to capacity development, and other activities required to accelerate scaling of the off-grid energy sector in Nigeria.
Afolabi Akinrogunde, Investment Manager at All On, spoke passionately at a workshop organized by the Nigerian Association of Petroleum Explorationists (NAPE) in November 2021. “We engage in policy review and analysis, we’re keen on advocacy for the sector. We thrive on supporting agencies working in driving the growth of the adoption of off grid energy solutions in Nigeria”, he told the gathering of mostly petroleum geologists in Lagos. He particularly singled out Auxano Solar as one company in which All On was very proud to have invested in. Auxano Solar claims to the first privately-owned solar PV assembler of solar systems in Nigeria. In 2020, it signed a $1.5 million expansion deal with All On. “They delivered what they said they would do when they came in 2018”, Akinrogunde told the audience. “So, we invested more”.
All On supports between eight and 10 offgrid energy solutions companies every year, with investments that could be described as Angel and Growth stage investing. It also helps companies break into the market, as it were – providing them with both financing support via its investment team and non-financial support via the All On hub.
Africa Oil+Gas Report knows that All On invested in Green Village Electricity (GVE) Projects Limited, regarded by many as the biggest provider of mini grid energy solutions in the country. All On is probably the largest private sector investor in the Nigerian mini grid space.
Some of All On’s other investees include:
ACOB LIGHTING TECHNOLOGY LIMITED, incorporated in 2016, “specifically targeted to provide clean, affordable and sustainable power through renewable energy power solutions to unserved and under-served communities”www.acoblighting.com
Ashdam Solar Co. Ltd, which “provides quality alternative energy solutions to the Nigerian community with exceptional client satisfaction”www.ashdamsolar.com.
Arnergy Solar which “provides reliable and sustainable energy services for small, medium and large businesses across our target markets”. www.arnergy.com.
Auxano Solar Limited is “Nigeria’s first privately owned Solar PV manufacturing company. Founded in 2014, the company also delivers high performance residential and commercial solar system solutions”. www.auxanosolar.com.
AllBase Energy, which provides “distributed renewable energy system for the middle class and small businesses in Nigeria”. www.allbase.energy.
Creeds Energy, which “addresses electricity and energy challenges by improving access to and promoting the adoption of clean and energy efficient technologies”. www.creedsenergy.com.
CovenantPlus Engineering, which “specializes in Engineering, Procurement and Construction on Electrical Power Generation, Transmission and Distribution (T&D), Telecommunication Infrastructures, Satellite Communications and Civil Engineering and covers the design, supply, installation and maintenance of projects in these fields of engineering”. www.covenantpluseng.com.ng.
Entric Energy, which “designs, deploys and operates small energy infrastructures (mini grids) across underserved and unserved communities in Nigeria utilizing small renewable solar mini-grids, solar-gas hybrid mini-grids, and solar home systems”. www.entric.energy
Greenage Technologies Power Systems Ltd, “an indigenous manufacturer of smart solar inverters and charge controllers.” www.greenagetech.com.
ICE Commercial Power, which is developing and implementing innovative solutions to tackle the major problem of 1 of every 2 Nigerians, constantly living without reliable electricity and people resorting to self-generation which is expensive and dangerous. www.icecommpower.com.
Oolu Solar: “one of the fastest-growing off-grid solar companies in West Africa”. A major distributor f solar home systems within Nigeria and the West African subregion. www.oolusolar.com.
Protergia, an “independent power producer (IPP) based in Nigeria providing world-class and cost-effective clean power solutions to energy consumers including residential estates, businesses, industries. www.protergiaenergy.com.
Renewvia , which is ”one of the largest builders and operators of standalone mini-grid systems throughout Africa, supplying remote and rural communities with precious power”. www.renewvia.com.
Sosai Renewable Energy. It “uses market-based strategies to address the issues of Poverty and Rural/Community development as regards access to Energy, Clean water and ensure positive livelihoods”. www.sosairen.org.