DART Equipment Financing

The Demand Aggregation for Renewable Technology (DART) Program combines demand pooling and aggregated purchasing of solar equipment, access to affordable finance, and coordinated logistics to unlock economies of scale for solar companies, achieve cost savings for end-users, and accelerate the growth of the renewable energy sector in Nigeria and beyond.

The equipment financing facility under the DART Program is managed by All.On, Nigerian Impact Investment Company.

Credit Application General Terms
  • Tenor: 24 months; 6-month moratorium on interest and principal repayment.
  • Interest rate: 9% (USD); 13% (₦) – Negotiable
  • Quarterly payment of interest and principal (after moratorium period).
  • Mandatory Repayment clauses.
  • Flexible security structure (any or a combination of i. charge on company assets, ii. joint signatory, iii. irrevocable standing payment order; iv. Debt service reserve account, etc.)
Pre-qualification Stage 

Initial Submission

This is the pre-qualification stage of the credit application, under the DART programme. By now, you must have signed a procurement agreement with Odyssey Energy Solutions. You must also have a grant agreement and relevant community agreements if you are a mini-grid developer. You must have valid PPAs and/or third-party offtake agreements in place if you are a C&I developer or a Solar Home System (SHS), Standalone Solar for Productive Use (SSPU) or Solar Energy Systems (SES) developer. In case of SHS, SSPU and SES developers, the credit facility will be limited to financing of PV panels and batteries/ BESS only.

Be prepared to show evidence of deploying similar projects, minigrids, systems or solutions in the past.

Off-grid Mini Grid Developers 

  • Valid executed grant agreements for proposed site/project* 
  • Land lease/tenancy agreement for each project site
  • Memorandum of understanding with the host community /tariff agreement/PPA/ Tripartite Agreements (in cases of interconnected minigrids) 
  • Procurement Agreement with Odyssey
  • Stage 1 application form 

*Non-NEP grants will be reviewed on a case-by-case basis.

**Recently expired grants must be extended before disbursement..

C&I Developers and SSPU/ SHS/SES Investees

  • Valid PPA/third-party Offtake agreements
  • Procuremnet Agreement with Odyssey 
  • Stage 1 application form 

*C&I developer credit evaluation shall include a review of the credit worthiness of the off takers. 

Note: Developers will only be invited to participate in credit process once All On confirms satisfaction with the information provided in Pre-qualification Stage. 

Timeline: 1 – 2 weeks.

Stage 1: Credit Risk Evaluation and Due Diligence 

All applicants must upload and submit all information required in the “General” section, in addition to information required for the specific developer type.


  • Certified True Copy of Ownership Documents (including certificate of incorporation, CAC Forms CO2 and CO7)
  • Evidence of clearance of CAC annual returns for the last 2 years at the minimum.
  • Tax Clearance Certificate for the most recent fiscal year
  • Details of company representative (Name, Email address, phone number)
  • Proof of legitimate occupancy of your current office location (Tenement receipt, Tenancy Agreement, Certificate of Occupancy, etc.) – no less than 9 months old to application submission date. 
  • Audited financial accounts (at least 2 years) and the most recent management accounts
  • Copies of existing lending agreements with confirmation from the lender(s) of non-default. 
  • Evidence that additional funding sources to cover remainder of project costs have been secured. Acceptable evidence includes:
    • Provision of term sheets and/or financing agreements from other investor(s)/lender(s), and /or 
    • Proof of existing equity contribution (bank statement showing sufficient closing balance).
  • Acceptable financial model showing specific assumptions and projections for each grid/proposed project(s)*
  • Stage 2 application form should be filled and uploaded providing details for each project

*Developers with multiple minigrid sites will be required to provide a consolidated financial model.

**Additional documents may be required based on the outcome of the due diligence.

Information Only: Security Structure

The security structure may include a combination of any of the following:

  • Lien on equipment financed 
  • Comprehensive insurance over equipment financed noting All On as the “first loss payee” until full liquidation of facility.
  • Charge/Lien on designated accounts into which grant, and project proceeds will be paid. 
  • Charge on other assets, e.g., receivables.
  • Joint Signatory on account into which grant, and project proceeds will be paid.
  • Irrevocable Standing Payment Order 
  • A dedicated debt service reserve account into which periodic remittances shall be made to build up funds towards repayment.
  • Personal guarantee of project sponsors.
  • Corporate guarantee of parent or related company.

*The final security structure will be at the discretion of All On.

Information: Documentation 

Please take some time out to acquaint yourself with the following draft templates. 

By completing the stage 1 application you have agreed to be subjected to credit check by a credit bureau in Nigeria at All On’s discretion.

Note: Developers may only progress to Stage 2 upon receipt of satisfactory submission for stage 2. The All On team will commence review of the credit application and will reach out to within a week or two of your submission for an initial clarification call. We may ask for additional documentation or information based on our conversations and/or review. We will also carry out financial, integrity and legal due diligence on the projects submitted.

At the end of this stage, we will share an initial list of conditions upon which final disbursement will be based on. 

Timeline: 7-10 weeksActual duration may vary based on Applicant readiness.

Stage 2: Approval and Documentation 

Our credit committee carries out a final review of your application and approves or declines your credit application.

Upon successful approval of your application by credit committee, we will share with you the term sheet containing final CP* List, Final Agreements andSecurity Structure. At this stage, we do not anticipate that the final agreements will be materially different from the drafts shared at Stage 2.

*CP: Conditions Precedent to Disbursement

We do encourage you to review the documents provided on time to ensure quick close out on draft agreement and CP finalization.

Timeline: 3 – 4 weeks


We will make the disbursement once the agreements are signed, security structure is in place and CPs have been satisfied. .

Timeline: 2 – 3 weeks per developer – We will disburse funds in line with terms agreed between the developer and the OEM/Supplier (as detailed in the final Purchase Order).

Please fill out the form below to proceed with your application.