V-Solaris is a Nigerian renewable energy service provider, specializing in solar energy solutions for both urban and rural areas. The Company began operations in 2023 and has implemented 7 mini-grid projects under the NEP program resulting in 5,517 connections.

V-Solaris was set up by the shareholders of Mojec International Holdings (“Mojec”), a smart metering company in the Nigerian power sector. V-Solaris is 100% owned by Mojec’s CEO – Mrs. Olubunmi Abdul (60%) and her mother – Mrs. Alirat Mojisola (40%)

Mojec ownership structure is provided below.

•                      Mrs. Alirat Mojisola Abdul – 43%

•                      Ms. Olubunmi Abdul – 22%

•                      Kikelomo Akinwale – 8%

•                      Toyin Balogun – 8%

•                      Rasak Adeniyi Abdul – 4%

•                      Medinat Abiodun Ogunlesi – 4%

•                      Muhammed Adetunji Abdul – 4%

•                      Fatimah Oluwakemi Abdul – 4%

•                      Emmanuel Alabi – 1%

 The total project cost is US$61.6 million.

The proposed IFC financing will be a secured revolving debt facility to V-Solaris comprising: (i) an IFC A loan of up to US$8 million on its own account; and (ii) a concessional subordinated loan of up to US$8 million from IFC as implementing of the IDA21 Private Sector Window (PSW) Blended Finance Facility (BFF).                                                  

  The Company will build and operate mini grid sites in Nigeria.                                                 

  IFC has reviewed the Company’s governance structure and concludes that the Company has the right competencies to manage any governance risks that may potentially arise. V-Solaris has expressed interest in strengthening its corporate governance framework in line with IFC’s Corporate Governance Progression Matrix for SMEs