Sterling Bank and Proparco Launch $30M Renewable Energy Fund

Sterling Bank and the French development finance institution Proparco signed a $30 million senior credit facility aimed at financing renewable energy projects and small and medium-sized enterprises (SMEs) in Nigeria's agricultural value chains. Of this amount, $24 million will be dedicated to renewable energy financing, while $6 million will support agricultural SMEs.

The facility aims to improve access to clean electricity and strengthen local agricultural production, thereby enhancing food security and creating economic opportunities. The agreement was signed in Lagos by Abubakar Suleiman, Managing Director and CEO of Sterling Bank, and Christophe Lecourtier, CEO of Agence Française de Développement.

This financing initiative addresses Nigeria's ongoing electricity access challenges, with over one-third of the population lacking reliable electricity. Suleiman emphasized the need for financing solutions for decentralized power generation and highlighted the constraints faced by farmers in accessing credit along the agricultural value chain.

The facility aligns with Sterling Bank's HEART strategy, which focuses on financing in key sectors including renewable energy.