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N76.6bn investment available in renewable energy, says REAN

The President of the Renewable Energy Association of Nigeria (REAN), Mr Ayo Ademilua, yesterday disclosed that renewable energy projects worth over 100 million dollars (N76.6bn)…

The President of the Renewable Energy Association of Nigeria (REAN), Mr Ayo Ademilua, yesterday disclosed that renewable energy projects worth over 100 million dollars (N76.6bn) are being implemented in Nigeria. 

He urged players in the renewable energy sector to take advantage of the investment by various investors in the value chain.

Ademilua stated this during the Renewable Energy Investment Matchmaking Event held in Lagos with the theme, “Energising Partnerships: Connecting Investors to Transformative Renewable Energy Projects.”

The event was sponsored by All On in partnership with REAN as an investment matchmaking event.

The matchmaking event also witnessed the signing of a partnership agreement between All On Hub and REAN. The collaboration is specifically designed to provide investment readiness support to companies or operators in the Nigerian renewable energy industry.

The president said that REAN members had great projects that could be used to solve the problem of energy in Nigeria using the abundant natural resources of renewable energy in the country.

He said, “However, the developers are in need of funding for these projects which birthed the need for us to create a meeting point between the investors and the project developers.

“Therefore, the event brings together the developers with multiple investors who are interested in investing in the clean energy sector.”

Ademilua added that REAN had support from various commercial banks such as First Bank, Sterling Bank, Stanbic Bank, multilateral investors, and stakeholders, among others, who were interested in investing in the renewable energy sector.

“So, aggregately, we have been able to pool about 80 to 100 million dollars that is available for energy projects in Nigeria to members of REAN through all these investors.

“For instance, All On has got $25 million for investment in energy projects with a single obligor of $2.5 million, Stanbic Bank is onboard with N30 billion with a single obligor of N1 billion, among others.

“So, I will advise members and developers to take advantage of this opportunity to solve the problem of power in our country,” he said.

 

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