REA, Stanbic seal N100bn deal for renewable energy

The Rural Electrification Agency (REA) and Stanbic IBTC Bank have signed a N100bn financing deal to support renewable energy developers in Nigeria. The agreement aims to expand electricity access to unserved and underserved communities across the country.

According to the REA's Managing Director/CEO, Abba Aliyu, the deal will provide eligible developers with access to finance for equipment procurement. The facility, a revolving loan with a one-year tenor, will have varying amounts accessible to each developer based on their capacity and the bank's credit assessment.

The financing deal is expected to address one of the major challenges facing renewable energy project delivery, which is access to capital after project approval. This initiative is part of REA-led electrification programmes, including the World Bank-funded Distributed Access through Renewable Energy Scale-up Project.

Brief written by urgent.news from Punch, Punch Nigeria — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.