Business News

Solar Power Naija Programme Receives Boost As REA Holds Matchmaking Event, Targets $10 Million Import Substitution

Published

3 years ago

May 11, 2023

The Solar Power Naija Programme, Thursday, received a boost with the holding of the first ever investor matchmaking event by the Rural Electrification Agency (REA) aimed at providing opportunity for potential investors to pitch their financial offerings to developers.

OPTIMUM TIMES recalls that the Solar Power Naija Programme targets at generating an additional N7 billion increase in tax revenues per annum and $10 million in annual import substitution.

In addition to facilitating the selection criteria and key terms, the event also provided a networking and matchmaking forum which brought together key investors and high-performing developers (pre-evaluated by the SPN team) in the power sector.

The event was organized in collaboration with the Power Africa Nigeria Power Sector Program (PA-NPSP, USAID), according to a statement by the REA management.

According to the statement, “The Solar Power Naija Programme was launched as part of the Economic Sustainability Plan (ESP) to achieve the roll out of 5 million new solar connections in off grid communities. This program is expected to generate an additional N7 billion increase in tax revenues per annum and $10 million in annual import substitution.

“The objectives of the programme is to Expand energy access to 25 million individuals (5 million new connections) through the provision of Solar Home Systems (SHS) or connection to a mini grid, Increase local content in the off grid solar value chain and facilitate the growth of the local manufacturing and assembly industry and Incentivize the creation of 250,000 new jobs in the energy sector.”

Speaking during the event, the Managing Director/CEO of the Rural Electrification Agency, Engr. Ahmad Salihijo Ahmad encouraged partnerships like these to boost energy access in communities.

“As the implementing agency for Nigeria’s off-grid strategy, the REA has been working to support private developers by creating an enabling environment to facilitate investments in various ways, including access to data, policy support, grants, capacity development, stakeholder management, and most importantly financing for Developers”, he stated.

While giving his remarks, the Acting Deputy Missions Director, USAID Nigeria, Stephan Menard stated “I encourage the private developers to take advantage in accessing financing towards improving the lives of Nigerians by delivering sustainable energy access”

The Head, Solar Power Naija Programme, Barbara Izilien stated “We hope with this approach, we will be able to build quick partnerships that would lead to new connections and further count towards our target of electrifying a minimum of 5 million households, serving a minimum of 25 million Nigerians.”

The event witnessed the signing of Memorandum of Understanding (MoU) between the Rural Electrification Agency (REA) and Chapel Hill Denham through the Solar Power Naija Programme. The MoU aims to facilitate financing to developers for off grid electrification projects.

The Solar Power Naija Programme implemented through the Rural Electrification Agency (REA), is actively working on catalysing access to financing for developers in the off-grid sector to achieve the programme targets.