• Thursday, June 13, 2024
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Chapel Hill Denham, REA partner to deepen solar adoption in Nigeria

Chapel Hill Denham, REA partner to deepen solar adoption in Nigeria

Chapel Hill Denham, an independent investment banking and securities trading firm, has signed a Memorandum of Understanding (MoU) with the Rural Electrification Agency (REA) to facilitate financing for off-grid electrification projects in Nigeria.

The collaboration, which took place at an investor matchmaking event held in partnership with the Power Africa Nigeria Power Sector Programme and the United States Agency for International Development, provided a platform for potential investors to showcase their financial offerings to developers, outlining selection criteria and key terms.

The event served as an essential networking and matchmaking forum, bringing together key investors and high-performing developers pre-evaluated by the Solar Power Naija Programme (SPN) team in the power sector.

The SPN is a critical component of Nigeria’s Economic Sustainability Plan (ESP) and has a target of providing five million new solar connections in off-grid communities. The initiative is expected to generate an annual increase of N7 billion in tax revenues and contribute $10 million towards import substitution.

Bolaji Balogun, CEO of Chapel Hill Denham, expressed his delight about the collaboration, saying that it aligns with the company’s commitment to driving transformative solutions that positively impact the lives of Nigerians.

Read also: Decentralised electricity markets in Nigeria: A critique

He emphasised their dedication to delivering sustainable solar power projects that contribute to the nation’s economic growth and social well-being.

“Together, we will work tirelessly to deliver sustainable solar power projects that contribute to the economic growth and social well-being of the nation,” Balogun said.

According to a statement, the collaboration marks a landmark partnership in Nigeria’s quest to expand solar power access and accelerate economic development.

“Through their joint efforts, they aim to make significant strides towards achieving Nigeria’s energy access goals and driving positive change in the country’s power sector,” the statement said.

Chapel Hill Denham has made notable contributions to the climate finance space through its investment activities and advisory services, aimed at fostering a low-carbon economy.

The firm has played a pivotal role in financing and supporting projects in the renewable energy sector, particularly through various financing solutions for off-grid developers. As a result, it has been recognised as one of the top 20 financiers of mini-grid developers worldwide by the Energy Sector Management Assistance Programme (ESMAP) of the World Bank.

On the other hand, REA facilitates the provision of affordable power supply for residential, commercial, industrial, and social activities in the rural and peri-urban areas of Nigeria.

REA’s goal is to encourage and promote private sector participation in rural development using the nation’s abundant renewable energy sources while ensuring that government agencies, cooperatives, and communities, actively participate in enhancing electricity service delivery.