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Renewable energy on demand is still a dream for the vast majority of rural Nigerian communities, 70% of which live off the grid. Ventura Logistic Services has plans to change that. The company is bridging the energy gap with solar mini-grid projects that can sustainably power homes, local businesses and small industry – in particular in the agricultural processing sector, thereby boosting the development of local economies.

Ventura has plans to develop a fast-growing portfolio of solar mini-grids over a span of just a few years. Regardless of the transformative potential, it hasn’t been easy. The young company faced substantial initial challenges, including securing adequate funding and devising a strategic approach to stimulate demand for their services. As a budding enterprise, Ventura needed more than just financial investment; it required a holistic strategy that encompassed operational planning, market engagement, and alignment with global sustainability goals.

Our support 

The GET.invest Finance Readiness Support – through a team of advisors at Energy4Impact, one of eight advisory firms delivering the service – came prepared to assist with all of these aspects. The advisors guided Ventura in developing a comprehensive business plan including an operations strategy, while coaching the leadership on articulating their value proposition. With a keen eye on sustainability, the company was also supported in aligning their impact with the Sustainable Development Goals, crafting a robust Monitoring and Evaluation (M&E) framework to encompass environmental, social, and economic dimensions.

During a field visit to Ventura’s planned mini-grid sites in 2023, the advisors held strategy sessions with the leadership, coaching the team on monitoring, reporting and verifying their impact. These engagements extended to discussions on the dynamic landscape of Nigeria’s solar mini-grid sector, exploring different value chains, envisioning the integration of energy for productive use into Ventura’s business model, and brainstorming innovative strategies to stimulate demand for their mini-grids.

The field visit was also an opportunity to meet the company’s strategic partners and facilitate introductions to potential new . After jointly developing an access to finance strategy that included a curated list of potential financiers to approach, Ventura received support in developing a pitch deck and teaser to win investors over. The advisors accompanied the company through a rigorous financial due diligence exercise, ensuring they felt well prepared to engage with investors and secure funding.

The outcome

Ventura Logistic Services was subsequently able to raise €281,000 in two different loan facilities from Nigeria’s FCMB Bank. The loans are funding a 98 kW mini-grid in Mebiowa, a 97 kW mini-grid in Odege and a 75 kW mini-grid in Amechi – the beginnings of a larger wave of solar development to come. Ventura has a portfolio of 23 projects in the pipeline that are planned to be developed and commissioned within the next five years.

This ambition is supported by Ventura leadership’s enhanced ability to present their company and plans to investors. When they do so, they are able to showcase the impacts of their mini-grids on rural communities, including the creation of 105 direct jobs and 525 indirect jobs. The company’s understanding of the mini-grid space, as well as operational efficiencies and business strategies, have equipped Ventura for sun-powered impact.

Disclaimer: This story was last updated in May 2024.