REA and Alpha Morgan Bank Partner for N50bn Financing

The Renewable Energy Agency (REA) has entered into a partnership with Alpha Morgan Bank to provide up to N50 billion in project financing for eligible renewable energy developers involved in REA-led programs, including the Distributed Access through Renewable Energy Scale-up (DARES) Project. Developers can access revolving loans of up to N10 billion each, with tenures ranging from 12 to 24 months, contingent on the Bank’s credit assessment.

Alpha Morgan Bank will contribute up to 70 percent counterpart funding for eligible projects. The partnership aims to tackle the challenge of accessing affordable financing for renewable energy developers, enabling them to procure equipment and efficiently complete projects, thereby expanding electricity services to rural and underserved communities.

Abba Abubakar Aliyu, Managing Director/CEO of REA, emphasized the importance of finance in delivering decentralized renewable energy projects. Ade Buraimo, Managing Director/CEO of Alpha Morgan Bank, highlighted the Bank's commitment to sustainable development through innovative financing.

The collaboration will also provide financial advisory support to developers.