…Nigeria needs $23bn to solve electricity crisis- REA boss
The Rural Electrification Agency (REA) has entered into a collaboration agreement with Alpha Morgan Bank to establish a financing support framework aimed to accelerate electricity access in unserved and underserved communities across Nigeria.
Under the agreement, Alpha Morgan Bank will provide N50 billion in project financing to eligible renewable energy developers participating in REA-led programmes, including the Distributed Access through Renewable Energy Scale-up (DARES) Project).
According to the agency, eligible developers will have access to revolving loans of up to N10 billion per developer, with proposed tenures of 12 to 24 months, subject to the Bank’s credit assessment and approval. Alpha Morgan Bank is expected to provide up to 70 per cent counterpart funding for eligible projects.
Speaking on the partnership, Abba Aliyu, managing director/CEO of REA, said the collaboration would strengthen private-sector participation in Nigeria’s energy transition and help close the electricity access gap.
