Nigeria’s energy landscape is set for a sudden turnaround as Coscharis Technologies Limited, a subsidiary of Coscharis Group, recently secured $4 billion to fund power projects for the benefit of businesses and startup firms.
The funds will be used to harness renewable energy sources to reduce the country’s reliance on fossil fuels and contribute to sustainable development goals.
The initial focus will be on government entities, and private sectors, including banks, manufacturing companies, and SMEs.
Subsequently, it will also be accessible to individuals and residential communities.
Sunday Mukoro, managing director of Coscharis Technologies Limited, who sealed the deal in Delhi, India, said the project will primarily provide solar energy solutions to businesses and will create environmentally friendly energy alternatives that align with global climate targets.
“These funds will be made available to Nigerian entrepreneurs and other business entities who are dedicated to operating their businesses with reliable power supply. It will be a soft landing for these businesses to turn the power challenges into opportunities to grow their businesses seamlessly,” Mukoro said.
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He explained that power plays a critical role in driving business survival and growth, for large enterprises or small and medium-sized businesses in Nigeria.
Recognising the significance of power in bolstering the economy, Mukoro said Coscharis Technologies Ltd is determined to allocate the $4 billion strategically.
Mukoro assured that the project will be implemented with carefully crafted agreements that will outline the payback period, marking a critical aspect of the initiative.
Cosmas Maduka, president/CEO of Coscharis Group, commended Mukoro and his team for the groundbreaking achievement.
“This achievement for us as a group is to further confirm our commitment to delivering value for money to all our numerous stakeholders in all sectors where we play.
“The Coscharis Technology team led by Sunday has just proven with this initiative that they are the game changer in the ICT sector in Nigeria and the sub-Sahara market to further delight our ever-dynamic customers in a dynamic IT business environment,” he said.
Coscharis Technologies Limited will work closely with international partners and local communities to ensure that the project is implemented in an environmentally and socially responsible manner.
It is expected that the fund will be disbursed without undue involvement from the government or any other external parties.
Coscharis Technologies Limited is a subsidiary of the Coscharis Group and a leading player in the Information Communication and Technology (ICT) sector in Nigeria and sub-Saharan Africa.
It is an authorised distributor of a wide number of globally respected IT brands delivering reliable hardware and service solutions.
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