REA and Lotus Bank Launch N7.4bn Renewable Energy Project

The Rural Electrification Agency (REA) and Lotus Bank have signed a landmark partnership, resulting in a N7.4 billion renewable energy project in Ebonyi State. This initiative is part of a broader N100 billion memorandum of understanding aimed at deploying renewable energy infrastructure across eight key sites in the state.

The project is expected to deliver approximately 7 megawatts of renewable power, benefiting around 30,000 households and businesses. The areas covered include communities in Ohaozara Local Government Area, such as Okposi, Mebiokpa, and Ebunwana, as well as parts of Edda, Unwana, Afikpo, Afikpo North, Iboko, and Izzi.

Abba Aliyu, the Managing Director of REA, highlighted that this milestone demonstrates the agency's commitment to pursuing partnerships that yield tangible results for Nigerians. The project is designed to provide immediate benefits to the public while ensuring transparency and confidence for lenders like Lotus Bank.