MTN and Lumos’ Mobile electricity solution have caught wider attention than many expected. The initiative was again commended in an event to mark the national rollout of Solar Home Systems which had in attendance the U.S. Ambassador to Nigeria W. Stuart Symington as well as the Minister Of Power, Raji Fashola. and the Minister of communication Adebayo Shittu.
“This very simple solution in a clinic means the difference between life and death, in the home it means the difference between learning and literally having the lamp of learning go out for the night, and in a store, it means the difference between being able to pay your bills the next day, or having to do something else,” Ambassador Symington said.
Lumos’ ambitious plan to energize the country with a single solar panel and a yellow box has been met with widespread praise. The company has also reiterated its committed to deploying 15 million solar power systems in five years and this represents an installed capacity of a whopping 700 megawatts.
It is also noteworthy that Lumos is currently being backed by the Overseas Private Investment Corporation (OPIC) in the United States Government Development Finance Institution. The Investment company mobilizes private capital to help solve critical development challenges. OPIC’s investment in Lumos marks its largest investment to off-grid power sector in Africa.
Currently, OPIC has provided $50 million in financing to Lumos to support the scale up of its off-grid solar power service to about 200,000 Nigerian homes and businesses.