80M
Nigerians lack access to reliable electricity
Anfani Development Fund (ADF) · Pre-development equity · Nigeria
The missing capital between a promising mini-grid and a bankable one.
ADF is a $50M pre-development equity vehicle. It invests in Nigerian mini-grid SPVs at feasibility, licensing and engineering design: the stage where projects stall because multilateral and international capital will not go. Once de-risked, each SPV moves on, investment-ready, to construction finance.
Equity-only
Hands-on
Nigeria-first
Investment thesis in 2 minutes
WATCH • 02:14
Fund at a glance
Full terms available to qualified investors on request.
Fund size
$50M
Instrument
Pre-development equity
Target portfolio
70 SPVs
01 • The opportunity
A decade-long market, held back at its earliest stage.
Distributed mini-grids are among the fastest, most scalable ways to close Nigeria's energy access gap. Yet otherwise bankable projects stall before they can attract construction finance, because no one funds the high-uncertainty work that makes them bankable.
$25–35bn
Decade-long mini-grid investment market
1 gap
Pre-development: where multilateral and international capital will not fund
Where ADF sits in a mini-grid's life
Stage 1
Concept
Site identified, community demand understood.
Stage 2 • ADF invests here
Pre-development
Feasibility, land and community agreements, permitting, engineering design.
Funded by: Anfani Development Fund
Stage 3
Construction (EPC)
Engineering, procurement and commissioning of the mini-grid.
Stage 4
Operations
Connected households and businesses, metered revenue.
02 • Strategy
Develop, de-risk and exit.
ADF takes early-stage development risk at low cost, works alongside developers to complete the hard pre-construction work, and sells de-risked, investment-ready SPVs at a step-up in value.
Develop
Invest pre-development equity into selected SPVs for a negotiated equity interest.
De-risk
Partner with developers on feasibility, licensing, land and community agreements, and engineering design.
Exit
Exit SPVs at a higher enterprise value, capturing the value created through pre-development de-risking.
Anfani's two-fund pipeline
Anfani Development Fund (ADF)
Higher-risk, shorter-duration pre-development equity. The entry point.
Anfani Infrastructure Fund (AIF)
Capital for the engineering, procurement and commissioning (EPC) stage.
Operating mini-grids
Reliable power for communities and businesses across Nigeria.
04 • Partner with ADF
One fund, two partnerships.
Developers gain the capital and expertise to take a project from idea to financeable. Investors gain disciplined, diversified access to an early-stage pipeline that is otherwise hard to reach.
Take your project from idea to financeable.
What you gain
- Pre-development equity, when other capital will not come in
- Hands-on support with feasibility, licensing, land and community agreements, and engineering design
- A complete data room and milestone reporting that buyers and lenders recognise
- A clear route to construction finance, including through the Anfani Infrastructure Fund
What ADF looks for
- Nigerian mini-grid developers with an identified site and evidence of community demand
- A team ready to work to clear milestones through pre-development
- Willingness to grant ADF a negotiated equity interest in the project SPV
Disciplined access to early-stage value creation.
What you gain
- Early access to a pipeline of mini-grid projects that is otherwise hard to reach
- Entry at low cost, with exit at a step-up in value once feasibility, permitting and structuring are complete
- Diversification across a target portfolio of 70 SPVs, with staggered disbursement
- Three exit pathways: third-party sale, developer buy-out, or the Anfani Infrastructure Fund
- Transparent milestone reporting aligned with the REA, World Bank and NERC, for quality and transparency
How ADF manages risk
Staggered disbursement across 70 SPVs spreads diversification risk.
A built-in buffer for FX and hedging, with project failure rates priced into the fund model.
Mini-grid milestone reporting aligned with the REA, World Bank and NERC, for quality and transparency.
05 • Track record
Backed by Anfani's delivery on the ground.
ADF is managed by Anfani, a clean energy financing and delivery platform with teams in London, Lagos and Abuja. Figures below are Anfani platform results to date.
70+
Projects delivered
$5M+
Project value
$2.25M
Capital deployed
1 MW
Clean capacity unlocked
7,000+
Lives impacted
95%
On-track repayment
06 • Impact
Every de-risked SPV is a community closer to power.
ADF tracks impact across four pillars, reported against the same milestones used by the REA, World Bank and NERC.
Access
Reliable electricity for households, clinics, schools and businesses without a grid connection.
Climate
Solar mini-grids that displace diesel generators and kerosene, cutting emissions.
Economy
Power for productive use: shops, cold storage and agro-processing, with local jobs.
Governance
Transparent milestone reporting, community agreements and regulatory compliance.