Synafare Energy Funds 100 SMEs to Enhance Solar Growth

Synafare Energy, a supply chain trade company focused on financing renewable energy products, celebrated its 2nd anniversary in Lagos. During the event, the company announced financial support ranging from N10 million to N100 million for 100 small and medium-sized enterprises (SMEs) involved in renewable energy.

Tobi Esho, CEO and Co-founder of Synafare Energy, explained that this financing aims to facilitate the acquisition of renewable energy assets with a discounted interest rate as low as 3.5 percent monthly, compared to the typical five percent offered by lenders. Esho stated that the initiative is designed not only for installers and end customers but also for distributors looking to stock up.

Panelist Isaac Babafemi, Founder and CEO of Kommercial Solar, emphasized the importance of capacity building among renewable energy merchants. Chinwe Udo-Davis, Founder and CEO of Instollar, highlighted the necessity of training installers to ensure business growth.