The Nigerian government, through the Rural Electrification Agency, has announced plans, in collaboration with stakeholders, to raise a $188 million fund to finance its 191-megawatt solar energy capacity.
REA disclosed this in a statement on Wednesday.
According to the federal government, the move is in partnership with First City Monument Bank, Barton Heyman, UK PACT, and ARM-Harith Infrastructure Investment Ltd., aimed at electrifying rural communities in Nigeria.
The federal government stated that the fund, which is part of the Green Finance Investment Facility, would decentralise renewable energy solutions across the country.
In his remarks, the Managing Director of the REA, Abba Aliyu, said the initiative directly addresses one of the sector’s most pressing constraints — access to finance.
“The Green Finance Investment Facility can tackle access to finance, one of the main barriers to renewable energy deployment. Today’s launch is the outcome of a strategic partnership created to ensure communities lacking reliable power can access electricity. We are proud of what this facility signifies for Nigeria’s energy future,” he stated.
Other stakeholders noted that financing is critical to mobilising long-term capital, reducing investment risks, and accelerating the deployment of clean energy solutions to power communities nationwide.
