The French Development Agency (AFD) has launched a €70 million (N35 billion) Sustainable Use of Natural Resources and Energy Finance (SUNREF), a green financing line for businesses for green energy projects in Nigeria.
The facility is funded by AFD and the European Union Infrastructure Trust Fund (EU-ITF) to provide technical assistance to the Manufacturers Association of Nigeria (MAN), partner banks – Access Bank and the United Bank for Africa, and renewable energy firms.
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SUNREF has a €60m ($70m) low-cost debt financing and a €9.5m ($11m) grant to improve access to energy through improved access to affordable finance for renewable energy technologies.
The Minister for Power, Saleh Mamman, who was represented by Engr. Faruk Yusuf Yabo, the Director of Renewable Energy and Rural Access at the Federal Ministry of Power said: “The SUNREF programme will help Nigeria towards achieving its 30:30:30 goal of generating 30% of 30GW from renewable energy by 2030.“
Engr. Mansur Ahmed, President of MAN, said: “This programme will be critical in increasing the competitiveness of Nigerian manufacturers as they transition to renewable energy sources and implement energy efficiency measures in their operations.”
Mr. Kingsley Uzoka, CEO of UBA said the renewable energy will go a long way to reduce the power deficit in Nigeria and expressed the bank’s willingness to support it.
Gregory Jobome, Chief Risk Officer of Access Bank, said that it will be a stimulus for other banks to start financing such projects that will benefit many generations to come.
“We are delighted to be appointed to implement the technical component of the SUNREF programme”, said Ms. Inga-Elisabeth Hawley, the Senior Director, Environment and Energy at WINROCK International.
The Team Leader, SUNREF, Javier Betancourt, said Nigeria will experience the global SUNREF experience of providing financing and technical assistance for renewable energy and energy efficiency projects to improve businesses and promote green energy.
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