REA Allocates N9bn for Mini-Grids Across Nigeria
• This Day • General News
The Rural Electrification Agency (REA) has announced a significant funding initiative totaling N9 billion to support the deployment of mini-grids across Nigeria. This funding includes N7.95 billion allocated for four mini-grid power projects in Taraba, Kwara, and Kogi states, and an additional N1.056 billion released for three sites in Niger State. This announcement follows REA's recent disclosure of N7.4 billion financing for Ventura Logistics Services and N3.2 billion for Zanoplu, aimed at enhancing access to renewable energy through a performance-based grant framework. The funding is a direct result of a recently signed N100 billion memorandum of understanding with Lotu Bank. Dr. Abba Aliyu, the Managing Director of REA, emphasized the importance of consistent capital injection into Nigeria's renewable energy sector and expressed commitment to empowering local companies in the power sector.
Topics: Business, Renewable Energy