Wednesday, December 7, 2022
Home POWER REA, InfraCredit Sign MoU for Off-grid Infrastructure Financing

REA, InfraCredit Sign MoU for Off-grid Infrastructure Financing

The Rural Electrification Agency (REA) has officially signed a Memorandum of Understanding (MoU) with Infrastructure Credit Guarantee Company Limited (InfraCredit), a third-party guarantor for approved developers under the Solar Power Naija (SPN) programme.

The MoU aims to strengthen the strategic partnership between the REA through the SPN Programme and InfraCredit to catalyse long-term local currency investments into the Nigeria solar off-grid space.

As a strategic reaction to the impact of the COVID-19 pandemic, the SPN Programme was launched as a critical component of the Federal Government’s Economic Sustainability Plan (ESP).

The SPN is being implemented by the REA to ultimately meet the objectives of providing renewable energy access to 5 million households, impacting about 25 million Nigerians while providing 250,000 new renewable energy jobs. The Programme also aims to improve local content in the off-grid space by supporting the financing of upstream companies in the business of manufacturing and assembly.

While commending the InfraCredit team, led by its Managing Director, Chinua Azubike, the MD/CEO of REA, Engr. Ahmad Salihijo Ahmad reiterated the relevance of such deliberate partnerships and the need to support private sector players in the off-grid sector consistently.

He added that with the quality of the Facility being provided by InfraCredit under the SPN, developers can reach more homes and communities across the nation.

The Managing Director of InfraCredit, while emphasizing the sustained commitment of the REA reaffirmed the company’s commitments to eliminate challenges lenders face within the ecosystem through the simplification of transactions which allows prompt delivery of off-grid infrastructure to Nigerians. He added that the SPN Programme, led by Barbara Izilein, Head SPN, has been supportive so far and they expect this support to continue as they expand their portfolio of clean energy projects in the country.

The Agency’s Executive Director, Technical Services Engr. Barka Sajou expressed his delight about the strategic partnership while commending InfraCredit and other private sector players who have keyed into the REA mandate to provide sustainable energy to the unserved and the underserved.

RELATED ARTICLES

TCN delivers 22 Power Transformers, other Transmission Equipment to Lagos store

The equipment described as the highest of such in the company’s history, comprise of 22 power transformers, haulage trucks, transmission switchyard spare parts, 45No. earthing transformers, Suspension Clamps, Vibration Dampers, Armor Rods, Circuit Breakers, Current transformer, Voltage transformers, 100tons Crane truck heads

Gambia hosts  Regional Electricity Regulatory Forum Nov 9

Major stakeholders expected to participate in the forum include representatives of the Ministries in charge of Energy, national regulatory authorities, utility companies, parliamentarians, academics, researchers, consumer groups, and regional and international financial institutions, as well as development partners.

NERC Commends Mojec for Bridging Metering Gap in Nigeria 

According to Mahmud, Mojec’s various initiatives and pioneering of Smart Meters in the country have contributed in no small measure in addressing the major complaints that the regulatory body has been contending with.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

POWER OUTAGE AS TRUCK HITS TCN TRANSMISSION TOWER

The company in a statement said the current restricted outage situation in parts of Abuja, is caused by a truck loaded with gravel that lost control and crashed into TCN’s 132kV transmission tower No 20, supplying bulk electricity to the 100MVA part of the Katampe Substation and 2x60MVA GIS Central Area Substation.

Nigeria, Morocco, five other W/African Countries sign on Gas Pipeline Project

NNPCL in a series of tweets, said Nigeria's @nnpclimited, Morocco's ONHYM and the nations of Ghana, The Gambia, Guinea, Guinea Bissau & Sierra Leone, signed an MoU on the gas pipeline project

NDPHC decries incessant vandalisation of power transmission facilities

“We will be relentless in hunting these vandals down, particularly those who assassinated the young man.”

Vandals destroy six transmission towers, kill vigilante in Rivers

On September 3, 2022, some miscreants attacked and vandalized the 330kV DC Afam – Onne Transmission Line in Gbake community of Ogoniland, River State.

Recent Comments