FG Companions Traders to Deploy 5 Million Photo voltaic Energy to Communities
The Federal Authorities is partnering with traders to deploy 5 million solar energy connections in communities that aren’t linked to the nationwide electrical energy grid.
Underneath its Photo voltaic Energy Naija Programme, the federal government, by way of the Rural Electrification Company (REA) held an investor match-making occasion in Abuja on Tuesday to offer the chance for potential traders to pitch their monetary choices to builders.
The REA is the Implementing company of the Federal Authorities beneath the Federal Ministry of Energy tasked with the electrification of unserved and underserved communities to spice up financial progress by way of the availability of electrical energy.
The company said in a doc that “the Photo voltaic Energy Naija Programme was launched as a part of the Financial Sustainability Plan to realize the roll-out of 5 million new photo voltaic connections in off-grid communities.”
It added, “This programme is predicted to generate an extra N7bn enhance in tax revenues every year and $10m in annual import substitution. The target of the programme is to increase power entry to 25 million people (5 million new connections) by way of the availability of Photo voltaic Residence Methods or connection to a mini-grid.
“It’s to extend native content material within the off-grid photo voltaic worth chain and facilitate the expansion of the native manufacturing and meeting business and incentivise the creation of 250,000 new jobs within the power sector.”
The occasion, which was organised in collaboration with the Energy Africa Nigeria Energy Sector Programme, offered a networking and match-making discussion board that introduced collectively key traders and high-performing builders within the energy sector
Talking on the programme, the Managing Director, REA, Salihijo Ahmad, inspired partnerships amongst traders and the federal government to spice up neighborhood power entry.
“Because the implementing company for Nigeria’s off-grid technique, the REA has been working to assist non-public builders by creating an enabling surroundings to facilitate investments in numerous methods.
“This contains entry to knowledge, coverage assist, grants, capability improvement, stakeholder administration, and most significantly, financing for Builders,” he said.
In his remarks, the Appearing Deputy Missions Director, USAID Nigeria, Stephan Menard, inspired the non-public builders to reap the benefits of the initiative in accessing financing to enhance the lives of Nigerians by way of sustainable power entry.
On her half, the Head, Photo voltaic Energy Naija Programme, Barbara Izilien, mentioned, “We hope with this method, we will construct fast partnerships that might result in new connections and additional depend in the direction of our goal of electrifying a minimal of 5 million households, serving a minimal of 25 million Nigerians.”
The occasion witnessed the signing of a Memorandum of Understanding between the REA and Chapel Hill Denham, by way of the Photo voltaic Energy Naija Programme, to facilitate financing to builders for off-grid electrification initiatives.
The REA mentioned the programme was in keeping with its mandate to create an enabling surroundings for personal sector-led initiatives, which embody conducting feasibility assessments, power audits, enumeration, knowledge evaluation, identification of certified non-public sector builders, and venture stakeholder engagements.