POWERING NIGERIA’S FUTURE: ₦9BN FUNDED MINI-GRIDS TO BRIGHTEN UP RURAL COMMUNITIES
GREATRIBUNETVNEWS–THE Rural Electrification Agency (REA) has made a significant stride in expanding energy access across Nigeria, disbursing ₦9 billion to support renewable energy projects. Here’s the breakdown:
– Havenhill Synergy Limited received ₦7.95 billion to finance critical equipment for four mini-grid power projects in Taraba, Kwara, and Kogi States.
– Faraday & Otstred Limited got ₦1.056 billion for mini-grid deployments across three sites in Niger State.
These projects are part of REA’s efforts to increase access to electricity in rural and underserved communities, leveraging public-private partnerships to drive growth and development .
These allocations follow REA’s recent announcements of ₦7.4 billion in financing for Ventura Logistics Services and ₦3.2 billion for Zanoplus.
Backed by the Distributed Access through Renewable Energy Scale-up (DARES) program’s Performance-Based Grant (PBG) framework, this funding is a direct result of a recently signed ₦100 billion Memorandum of Understanding (MoU) with Lotus Bank.
Commenting on the development, REA Managing Director Dr. Abba Aliyu lauded the consistent capital injection into Nigeria’s renewable sector.
“What is particularly encouraging here is the consistency; this is not a one-off. It is a pattern of capital being deployed, projects moving forward, and confidence in the system continuing to grow.”
“For developers, this means access to the equipment and financing needed to deliver. For communities, it means faster timelines for reliable power. And for the market, it reinforces the point that local financing is stepping up in a significant way,” Aliyu said.
He added that the REA remains committed to empowering local companies to power Nigeria.
“This is exactly the kind of energy we hoped to unlock where Nigerian financial institutions take the lead in powering Nigeria’s renewable infrastructure, backed by strong, performance-based frameworks. We are building momentum, and it is beginning to show,” he added.
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