Octopus-Backed MOPO Partners Nigeria in $75 Million Battery Plan

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Or sign-in if you have an account.(Bloomberg) — MOPO, an Africa-focused battery rental company backed by Octopus Energy Group Ltd., said it’s signed an agreement with Nigeria to facilitate a $75 million expansion of its activities in Africa’s most populous nation. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountAfrica’s biggest battery rental firm will work with Nigeria’s Rural Electrification Agency on a pilot program this year and plans to complete the expansion by 2030, it said in a statement on Monday.MOPO rents out batteries charged at its own solar power plants, removing the need for customers and communities with limited income to invest in solar home systems or mini-grids that can be used to provide power for villages. “We solve a lot of the problems that mini-grids and solar home systems struggle with,” said Luke Burras, MOPO’s chief operating officer, in an interview. “We rent batteries to customers for hours, We’re not asking them to buy an asset in the case of solar home systems, and we’re not asking investors to place a huge bet on their future usage as with mini-grids.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe company said its expansion aligns with a World Bank and African Development Bank program to spend tens of billions of dollars to bring power to 300 million Africans by 2030.The program is a drive to break one of sub-Saharan Africa’s biggest impediments to growth: Almost half of its population, or 560 million people, have no access to electricity. That limits education, curbs employment and cuts productivity.MOPO charges between $0.20 and $3 to rent out batteries with the cost depending on size and duration. It rents out 1.6 million batteries a month, up from 150,000 in 2023, and in addition to Nigeria it operates in Chad, the Democratic Republic of Congo, Liberia and Sierra Leone. Other investors in the company include Norfund, the Norwegian development agency, and the company has taken out debt facilities from the state-owned British International Investment Plc.The Next Africa newsletter runs every weekday. Sign up here for the newsletter, and subscribe to the Next Africa podcast on Apple, Spotify or anywhere you listen.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.