The federal government has announced that two firms have secured a combined N9 billion financing for mini-grid deployment in four states.
The Rural Electrification Agency (REA) disclosed this in a statement on Sunday.
According to REA, the firms got N7.95 billion and N1.056 billion for mini grid projects across different areas in Taraba, Kwara, Kogi, and Niger states.
Backed by the Distributed Access through Renewable Energy Scale-up (DARES) programme’s Performance-Based Grant (PBG) framework, this funding is a direct result of a recently signed N100 billion Memorandum of Understanding (MoU) with Lotus Bank.
Commenting on the development, REA managing director Dr Abba Aliyu lauded the consistent capital injection into Nigeria’s renewable sector.
“What is particularly encouraging here is the consistency; this is not a one-off. It is a pattern of capital being deployed, projects moving forward, and confidence in the system continuing to grow.
“For developers, this means access to the equipment and financing needed to deliver. For communities, it means faster timelines for reliable power. And for the market, it reinforces the point that local financing is stepping up in a significant way,” Aliyu said.
He added that the REA remains committed to empowering local companies to power Nigeria.
“This is exactly the kind of energy we hoped to unlock where Nigerian financial institutions take the lead in powering Nigeria’s renewable infrastructure, backed by strong, performance-based frameworks. We are building momentum, and it is beginning to show,” he added.
