Casava, Nigeria’s first licensed digital microinsurance company, has introduced a set of clean energy insurance offerings in collaboration with Rivy, a specialist in clean-tech financing. The new products are aimed at protecting investments made by small and medium enterprises (SMEs) in renewable energy systems. Casava’s launch marks Nigeria’s first dedicated insurance line for clean energy assets, filling a critical gap in the national renewable energy market.
The partnership’s insurance suite includes protection for solar panels and inverters against theft, vandalism, and accidental damage. It also covers the movement of equipment through comprehensive logistics and delivery insurance. These protections are embedded within Rivy’s financing and procurement platforms, enabling SMEs to secure both funding and insurance in a streamlined process.
Nigeria’s energy deficit remains severe, with tens of millions of citizens lacking reliable electricity. SMEs, which form the backbone of employment in the country, suffer revenue losses due to unstable power supply and costly diesel generators. Recent regulatory changes that increased electricity tariffs have strengthened the financial case for solar adoption, making off-grid renewable solutions more economically viable.
Despite the clear economic incentives, the capital cost of solar systems, typically hundreds of thousands to millions of naira, and the lack of tailored insurance products have limited broad adoption. Traditional insurers have not offered appropriate coverage for these high-value, distributed assets. This has left many businesses vulnerable to financial losses from equipment damage or theft, discouraging investment and slowing the pace of Nigeria’s energy transition.
By introducing a digital-first insurance stack designed specifically for renewable energy, Casava and Rivy aim to remove this key barrier. The products are issued and managed via mobile platforms, with instant policy issuance and rapid claims processes. SMEs can thus enter solar financing arrangements with risk mitigation in place, an important consideration for long-term asset investments.
Bode Pedro, Founder of Casava, described the launch as a foundational step in rethinking insurance’s role in Africa’s climate transition. He noted that conversations around renewable energy adoption have traditionally focused on financing and hardware, while the protection layer has been overlooked. By defining a new category of clean energy insurance, Casava intends to give Nigerian businesses confidence to adopt solar with measurable financial safeguards.
Rivy’s CEO, Dami Olawoye, highlighted that the company has already integrated over 500 solar installers and vendors into its financing platform. With the partnership, every SME that procures solar equipment through Rivy will also benefit from insurance protection from warehouse to repayment completion. This integrated approach is meant to strengthen SMEs’ resilience and support broader market growth.
The initiative also aligns with broader environmental, social, and governance (ESG) objectives. By embedding insurance into the renewable energy value chain, the partnership seeks to accelerate solar adoption, protect significant investments, and contribute to Nigeria’s climate goals under international commitments. Furthermore, it lays the groundwork for expanding into more advanced models such as parametric and data-driven solutions that could automatically respond to risk indicators in real time.
In sum, Casava’s clean energy insurance products, integrated with Rivy’s financing ecosystem, represent a strategic effort to close a key infrastructure gap. This initiative is positioned to enable more Nigerian SMEs to transition from unreliable power sources to sustainable solar energy with reduced financial risk.
