Beacon Power Services receives EBRD backing for Nigerian grid modernisation

The European Bank for Reconstruction and Development (EBRD) is providing financing to Nigerian energy technology startup Beacon Power Services (BPS) to support a $20.9 million grid modernisation project. The EBRD's contribution includes a loan of up to $10 million, which will be supplemented by an expected $7.5 million parallel financing facility and equity investment.

The project aims to deploy smart meters and digital electricity management solutions across six of Nigeria’s 11 electricity distribution companies. These technologies, including BPS platforms such as CAIMS, Adora, and Xepp, are designed to improve billing accuracy, strengthen revenue collection, and provide better visibility into electricity distribution networks. The digital tools also allow consumers to track power consumption and manage bills through digital platforms.

Founded in 2014 by Bimbola Adisa, BPS focuses on reducing operational losses and improving service delivery. This investment comes as Nigeria faces challenges with inadequate metering infrastructure, with approximately 4.7 million customers currently lacking meters according to the Nigerian Electricity Regulatory Commission.