For 2025, Prado Power set its sights on developing a more ambitious portfolio, once again structured under a special purpose vehicle (SPV). This new initiative—Benue State Portfolio III—comprises 12 mini-grids across various communities, with a total generation capacity of 2.7 MW and battery storage of 4.1 MWh, aiming to connect approximately 23,500 households and small businesses. The portfolio also includes financing for around 2,230 productive use assets such as irrigation pumps, grain mills, cold chain solutions, and electric two- and three-wheelers. To advance the project, the developer engaged the GET.invest Finance Catalyst to support the development, structuring, and documentation of the SPV. GET.invest reviewed the financial model and prepared investor materials to highlight Prado Power’s strong track record. In parallel, Prado Power is progressing with two additional SPV-based mini-grid portfolios—Benue State Portfolios IV and V—of comparable scale. Fundraising efforts are ongoing for both senior debt and equity/junior capital, with continued support from GET.invest.
Where mini-grids are hubs of productivity
Key figures
Expected results
Where mini-grids are hubs of productivity
About
Nigerian company Prado Power believes that insufficient power is a problem the country can solve – and sooner than many think. Although more than 20,000 communities lack access to the national grid, there is a bright opportunity on the horizon. Each of these communities holds the potential to host a solar mini-grid of their own. Once connected, the real transformation begins – when electricity powers machinery, access to energy turns into a pathway for income and development.
As an experienced mini-grid and commercial solar developer, Prado Power knows that making developments sustainable is all about putting renewable energy to work. It therefore collaborates in every community with Farm Warehouse, an associated fellow company that provides smallholder farmers with access to agro-processing equipment, financing and aggregation for their produce. In this collaboration, Prado Power surveys sites, designs mini-grids and supervises their construction, while Farm Warehouse manages connected and mechanised agri-hubs.
This full package of mini-grids and complementary productive use of energy is gaining momentum in remote rural communities, with Prado implementing up to three portfolios simultaneously. For instance, in the north-central state of Benue, Prado Power and Farm Warehouse launched a series of yearly investments, starting with a single mini-grid and agri-hub in 2023, and scaling up to four communities in 2024. In that year, Prado Power, through a special purpose vehicle (SPV), implemented its so-called Benue State Portfolio II, investing in four mini-grid sites with a total installed solar PV capacity of 860 kW and battery storage capacity of 1,300 kWh, connecting approximately 12,300 customers. GET.invest successfully supported the effort by helping to secure InfraCredit Naira financing for the portfolio, amounting to around EUR 4.4 million. Construction is expected to be completed in 2025.
Our support
The pitch hinged on the collaboration with Farm Warehouse – itself a client of the GET.invest Finance Readiness Support. Furthermore, both Prado Power and Farm Warehouse wanted to focus more on women as end users: they could see how women were quick to seize the opportunities of solar-powered businesses to overcome their longstanding disadvantages in land and other assets. Highlighting the significant projected impacts of the SPV, GET.invest made introductions to a series of financiers, assisting Prado Power in the sponsor equity market in particular.
In addition, both Prado Power and Farm Warehouse aimed to place greater emphasis on women as end users, recognizing how swiftly women embraced solar-powered business opportunities to address their longstanding disadvantages in access to land and other assets. Emphasizing the significant projected impacts of the SPV, GET.invest facilitated introductions to a range of financiers, with a particular focus on supporting Prado Power in accessing the sponsor equity market.
The outcome
Prado Power successfully raised €4.4 million to advance the construction of four new mini-grids in 2024 under Benue State Portfolio II, with completion expected in 2025. Meanwhile, the environment for solar development in Nigeria continues to improve, as the government accelerates support for decentralized energy solutions. The Rural Electrification Agency’s Distributed Access through Renewable Energy Scale-up (DARES) programme—funded by the World Bank—will provide grant subsidies for each mini-grid connection. Additional momentum is being generated by the EU-funded Nigeria Solar for Health Project and the Nigerian Energy Support Programme.
As more solar infrastructure is rolled out in Benue State, Prado Power and Farm Warehouse remain proactive. Prado Power is now accessing DARES grant funding for its upcoming Benue State Portfolios III, IV, and V, further accelerating the development of its latest mini-grid projects. With preparations complete, the new portfolios—requiring a total investment of approximately €29.8 million—will provide clean energy to an estimated 57,130 customers across 33 rural communities. The projects will deliver 6.6 MW of installed solar PV capacity, 10.1 MWh of battery storage, and enable the deployment of 5,540 productive use of energy (PUE) appliances.
Financiers introduced by GET.invest have already made offers to support and Prado Power is engaged in the due diligence phase now. GET.invest is providing technical support in this raise, too, and looking forward to many more communities becoming hubs of solar-powered productivity.
Disclaimer: This story was last updated in May 2025.
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