Nigeria’s $100 Million Renewable Energy Project

Mr. Ayo Ademilua, the President of the Renewable Energy Association of Nigeria (REAN), made a significant announcement yesterday regarding the implementation of renewable energy projects in Nigeria, valued at over $100 million (N76.6 billion). This disclosure came during the Renewable Energy Investment Matchmaking Event held in Lagos, which carried the theme, “Energising Partnerships: Connecting Investors to Transformative Renewable Energy Projects.” The event was sponsored by All On in collaboration with REAN, designed to facilitate investment in the renewable energy sector.

Ademilua emphasized the potential for these projects to address Nigeria’s energy challenges by harnessing the country’s abundant renewable energy resources. However, he noted that the developers of these projects require financial support, which prompted the creation of a platform to connect investors with project developers.

He explained, “The event brings together the developers with multiple investors who are interested in investing in the clean energy sector.” Notably, REAN has garnered support from various financial institutions, including First Bank, Sterling Bank, Stanbic Bank, as well as multilateral investors and stakeholders, all expressing their interest in investing in the renewable energy sector.

Ademilua elaborated on the financial resources available, stating, “Aggregately, we have been able to pool about $80 to $100 million that is available for energy projects in Nigeria to members of REAN through all these investors.” As examples, he pointed out that All On has secured $25 million for investment in energy projects, with a single obligor of $2.5 million. Stanbic Bank, on the other hand, is committed to N30 billion in investments with a single obligor of N1 billion, among other contributors.

In light of these substantial investments, Ademilua encouraged both REAN members and developers to seize this opportunity to contribute to resolving Nigeria’s power supply issues. This effort signifies a pivotal step toward leveraging renewable energy resources to create a more sustainable and reliable energy infrastructure in the country. The event not only highlights the growing importance of renewable energy in Nigeria but also underscores the collaborative efforts of various stakeholders in the pursuit of cleaner, more accessible energy sources for the nation’s benefit.

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  • Samson Adeyemo

    An experienced broadcast and print media journalist with nose for news and proven track records of success without compromising objectivity.

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