By Obas Esiedesa, Abuja
The Rural Electrification Agency (REA) has entered into a N50 billion project financing partnership with Alpha Morgan Bank to accelerate the deployment of renewable energy projects and expand electricity access in unserved and underserved communities across Nigeria.
Under the agreement, Alpha Morgan Bank will make available up to N50 billion in financing to eligible renewable energy developers participating in REA-led programmes, including the Distributed Access through Renewable Energy Scale-up (DARES) Project.
The facility will provide revolving loans of up to N10 billion per eligible developer, with proposed tenures of between 12 and 24 months, subject to the bank’s credit assessment and approval. Alpha Morgan Bank will provide up to 70 per cent counterpart funding for qualifying projects.
Under the framework, REA will facilitate project approvals, grant agreements and verification, while Alpha Morgan Bank will provide financing and financial advisory support to eligible developers.
