• Tuesday, February 27, 2024
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REA holds investor match-making for Solar Naija Programme

REA holds investor match-making for Solar Naija Programme

The Rural Electrification Agency (REA) has held a first of its kind investor matchmaking event for the Solar Power Naija Programme to provide the opportunity for potential investors to pitch their financial offerings to developers, clearly stating the selection criteria and key terms.

The event provides a networking and matchmaking forum that brings together key investors and high-performing developers (pre-evaluated by the SPN team) in the power sector. The event was organized in collaboration with the Power Africa Nigeria Power Sector Program (PA-NPSP, USAID).

The Solar Power Naija Programme was launched as part of the Economic Sustainability Plan (ESP) to achieve the roll-out of 5 million new solar connections in off-grid communities. This program is expected to generate an additional N7 billion increase in tax revenues per annum and $10 million in annual import substitution.

The objectives of the programme are to expand energy access to 25 million individuals (5 million new connections) through the provision of Solar Home Systems (SHS) or connection to a mini-grid, Increase local content in the off-grid solar value chain and facilitate the growth of the local manufacturing and assembly industry and Incentivize the creation of 250,000 new jobs in the energy sector.

Read also: Solar product sales rose by 450% in Nigeria within 6 years

Speaking during the event, Ahmad Salihijo, the Managing Director/CEO of the Rural Electrification Agency, encouraged such partnerships to boost energy access in communities.

“As the implementing agency for Nigeria’s off-grid strategy, the REA has been working to support private developers by creating an enabling environment to facilitate investments in various ways, including access to data, policy support, grants, capacity development, stakeholder management, and most importantly financing for developers,” he said.

While giving his remarks, Stephan Menard, the Acting Deputy Missions Director, of USAID Nigeria, said: “I encourage the private developers to take advantage in accessing financing towards improving the lives of Nigerians by delivering sustainable energy access.”

The Head of, the Solar Power Naija Programme, Barbara Izilien said: “We hope with this approach, we will be able to build quick partnerships that would lead to new connections and further count towards our target of electrifying a minimum of 5 million households, serving a minimum of 25 million Nigerians.”

The event witnessed the signing of a Memorandum of Understanding (MoU) between the Rural Electrification Agency (REA) and Chapel Hill Denham through the Solar Power Naija Programme. The MoU aims to facilitate financing to developers for off-grid electrification projects.

The Solar Power Naija Programme implemented through the Rural Electrification Agency (REA), is actively working on catalysing access to financing for developers in the off-grid sector to achieve the programme targets.