REA and Lotus Bank Launch ₦100bn Mini-Grid Project

The Rural Electrification Agency (REA) and Lotus Bank have achieved a significant milestone in their ₦100 billion memorandum of understanding (MoU) by initiating a 7MW mini-grid project in Ebonyi State. This project is part of a broader partnership aimed at deploying renewable energy infrastructure across eight key sites in the state, with an investment of ₦7.4 billion.

The initiative is expected to benefit approximately 30,000 households and businesses in communities such as Okposi, Mebiokpa, and Ohaozara, as well as Ebunwana, Edda, Unwana, Afikpo, Afikpo North, Iboko, and Izzi. Abba Aliyu, the Managing Director of REA, emphasized that this milestone demonstrates the agency's commitment to delivering tangible results through strategic partnerships.

The project is designed to provide immediate benefits to the public and is structured to ensure transparency and confidence for commercial lenders, with Lotus Bank committed to supporting the renewable energy sector.