The federal government has announced that two firms have secured a combined N9 billion financing for mini-grid deployment in four states.
The Rural Electrification Agency, REA, disclosed this in a statement on Sunday.
According to REA, the firms got N7.95 billion and N1.056 billion for mini grid projects across different areas in Taraba, Kwara, Kogi, and Niger states.
These allocations follow REA’s recent announcements of N7.4 billion and N3.2 billion in financing for two power firms.
The facility is backed by the Federal Government’s Distributed Access through Renewable Energy Scale-up (DARES) program’s Performance-Based Grant (PBG) of N100 billion in financing funding with a Nigerian bank.
READ ALSO : Tinubu rolls out N3.3tn bailout to stabilise Nigeria’s struggling electricity sector
Commenting on the development, REA Managing Director, Malam Abba Aliyu, lauded the consistent capital injection into Nigeria’s renewable energy 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.
“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,” Aliyu stated.
Post A Comment: