REA-LOTUS BANK DEAL TAKES OFF: ₦7.4BN EBONYI MINI-GRID PROJECT POWERS AHEAD
GREATRIBUNETVNEWS–THE Rural Electrification Agency (REA) and Lotus Bank’s ₦100bn partnership is yielding results, with the first milestone achieved in Ebonyi State .
Key Issues:
– _”This milestone is evidence that the agency is actively working on partnerships that deliver real and tangible results to Nigerians.”_ – Abba Aliyu, REA Managing Director
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– Importance of Strategic Allignment :
“This specific project stands as a prime example of how strategic alignment can yield immediate benefits for the public” Abba Aliyu, REA MD
– ₦7.4bn Financing: Ventura Logistics Services secures funding for 7MW renewable energy infrastructure in Ebonyi State.
– _”The investment is set to deliver approximately 7MW of renewable power, a move projected to transform the socio-economic landscape for over 30,000 households and businesses.”_ – REA Statement
– Project Scope: Covers Okposi, Mebiokpa, Ohaozara, Ebunwana, Unwana, Afikpo, and Iboko communities.
– _”The deployment will reach across the communities of Okposi, Mebiokpa, and Ohaozara within the Ohaozara Local Government Area, extending to Ebunwana in Edda Local Government Area.”_ – REA Statement
– DARES Program: Funding backed by Performance-Based Grant (PBG) framework.
The rapid onboarding of Ventura Logistics is being credited to the disciplined structure of the DARES framework. By utilizing a performance-based model, the program provides the transparency and confidence in outcomes that commercial lenders like Lotus Bank require to commit capital to the renewable sector.
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