POWERING NIGERIA’S FUTURE: REA AND LOTUS BANK LAUNCH GAME-CHANGING RENEWABLE ENERGY FINANCING FACILITY
GREATRIBUNETVNEWS–THE Rural Electrification Agency (REA) and Lotus Bank have joined forces to launch a dedicated renewable energy financing facility, marking a significant milestone in Nigeria’s energy sector. Here are the key highlights:
– Dedicated Financing Facility : Lotus Bank will establish its own DARES financing facility, transitioning from project-based support to a large-scale financial framework.
– Global Funding Target : REA Managing Director, Dr Abba Aliyu, urged Lotus Bank to set a clear global funding target for the facility, emphasizing the need for strong internal standards and scalability.
– Scaling Renewable Energy : The partnership reflects a growing trend among Nigerian financial institutions viewing renewable energy as a commercially viable sector.
– Structured Capital : The expected Memorandum of Understanding (MoU) will provide structured capital to accelerate clean energy deployment to underserved communities.
_”That level of intentionality is exactly what the sector needs if we’re serious about moving from pilots to impact at scale,”_ Dr Abba Aliyu, REA Managing Director
The REA remains optimistic that this collaboration will serve as a model for other commercial banks, building the necessary momentum to bridge Nigeria’s energy deficit through sustainable, private-sector-led investment.
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