51085 - Darway

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Investment Information

Project Number

51085

Company Name

Darway Coast Nig Ltd.

Date SPI Disclosed

Oct 1, 2025

Country

Nigeria

Region

Africa

Projected Board Date

Nov 14, 2025

Environmental Category

B - Limited

Status

Pending Disbursement

Last Updated Date

Mar 13, 2026

Department

Regional Industry - INF Africa

Industry

Infrastructure

Previous Events

Approved : Jan 30, 2026
Signed : Feb 25, 2026

Sector

Solar - Renewable Energy Generation

Additional Project Attributes

Blended Finance

Project Description

Darway Coast Nigeria Limited (“Darway Coast” or the “Company”) is one of seven renewable energy services company (RESCOs) proposed for financing in the first cohort of the IFC DARES Platform. The proposed investment is to support the Company to build up to 63 mini-grid sites, totalling 24 MW across states including Abia, Cross River, Delta, Ebonyi, FCT, Imo, Kogi, Lagos, Rivers, and Ogun in Nigeria. The sites are expected to receive performance-based grants from the World Bank Nigeria Distributed Access through Renewable Energy Scale-up Project (Nigeria DARES).

The debt investment is part of an up to US$200 million IFC DARES Platform under which IFC is looking to provide similarly structured debt investments to several mini grid developers/operators.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.0
Equity

Development Impact

The project has benefitted from a climate and inclusion adjustment. The most significant expected project-level outcomes are improving the access, reliability, and affordability of electricity for consumers without access to power in Nigeria, with important environmental impact through GHG emissions savings. At the market level, IFC anticipates that the project will contribute to increase the competitiveness of the solar PV mini-grid market in Nigeria by using a programmatic approach to roll out mini-grid pipelines faster with demonstration potential in the region.

IFC has reviewed Darway Coast’s governance structure and concludes that the Company has the right competencies to manage any governance risks that may potentially arise. To strengthen governance maturity, Darway would appoint a Corporate Secretary, introduce independent directors, formalize shareholder agreements and succession plans, and adopt a dividend and minority rights policy. Enhanced ESG and non-financial disclosures would also align the company with evolving investor expectations.

IFC's additionality is both financial and non-financial, stemming from: (i) Financing structure: IFC is expected to provide financing through a revolver in USD, in a FX constrained environment, part-financing the Company's construction costs and thereby accelerating the Company's mini grid deployment in Nigeria. This type of funding (in USD) is not readily available given the risks typically associated with the nascent mini-grid sector in Nigeria. Through the Platform, IFC also mobilizes concessional funding through blended finance, and commercial funds from parallel lender, which has been limited in Nigeria; (ii) Standard setting: IFC's non-financial additionality encompasses support to comply with rigorous E&S standards; and (iii) Knowledge, innovation, and capacity building: IFC will leverage its global sector knowledge and experience in the mini-grids market in sub-Saharan Africa to support the Company scale up its investments in the sizable mini-grids market and expand its reach. The project will benefit from IFC's learnings under the Scaling Mini-Grid initiative, a mini-grid bankability study IFC conducted in 2021 for Nigeria and DRC and other projects under the IFC – DARES Platform (Project #: 48667).

Indicator	Metrics	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Renewable Energy Installed Capacity	MW	Not Available	Not Available	Not Available
Direct Employment (#) Operations And Maintenance	individuals	Not Available	Not Available	Not Available
Number of Customers : electricity connections (distributors)	Millions	Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability, as the Environmental and Social impacts associated with the project are limited, generally small-scale (0.15 hectares to 10 hectares), site-specific, and readily addressed through mitigation measures. Key E&S risks and issues associated with the Project are: (i) corporate E&S management systems and staffing to manage operations in line with IFC PSs requirements; (ii) adequate E&S screening and assessment for proposed mini-grids; (iii) assurance of fair, safe and healthy working conditions for workers (including contractor workers) in compliance with national labor laws and IFC PS2 requirements, including on Gender-Based Violence and Harassment (GBVH); (iv) occupational health and safety management, especially during construction; (v) supply chain management; (vi) resource efficiency and management of waste, wastewater, and air emissions in line with World Bank Group (WBG) Environment, Health, and Safety (EHS) Guidelines; (vii) community health, safety, and security; and (viii) stakeholder engagement and community grievance management.

Contacts

For Inquiries About the Project, Contact

Darway Coast Nigeria Limited
Henry Ureh
Managing Director
+234 803 388 9202
henry.ureh@darwaycoast.com
2D Adebowale Close, Kudeti Estate, Adeniyi Jones, Ikeja, Lagos.
www.darwaycoast.com

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

Contact Person: Henry Ureh

Email: henry.ureh@darwaycoast.com

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Name	Relationship	% ownership
Henry Ureh	Management	60%
Augustine Ureh	Director / Shareholder	30%
Constance Nwanozie	Director / Shareholder	10%

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation

Similar Projects

Contacts

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

Blended Finance

IFC's Investment as Approved by the Board

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

Governance Risk Assessment

IFC's Role and Additionality

Development Results

E&S Category Rationale / Risks and Mitigation

Environmental & Social Categorization Rationale

Environmental & Social Management System (ESMS)

Mitigation Measures / Environmental & Social Action Plan (ESAP)

Press-Release

Related Environmental Document

Similar Projects

Contacts

Disclaimer