Two Firms Get REA’s N9bn Funding for Mini-grids Deployment

Emmanuel Addeh in Abuja 

The Rural Electrification Agency (REA) has announced that it recorded another milestone in its funding disbursement efforts to support renewable energy projects across the country.

In the latest round, it stressed that N7.95 billion was disbursed to Havenhill to finance critical equipment for four mini-grid power projects across Taraba, Kwara, and Kogi States. Similarly, N1.056 billion was released to Faraday & Otstred Limited for mini-grid deployments across three sites in Niger State, it said.

These allocations, according to a statement yesterday, followed REA’s recent announcements of N7.4 billion in financing for Ventura Logistics Services and N3.2 billion for Zanoplus.
Backed by the Distributed Access through Renewable Energy Scale-up (DARES) programme’s Performance-Based Grant (PBG) framework, the funding, it said, is a direct result of a recently signed N100 billion Memorandum of Understanding (MoU) with Lotus Bank.

Commenting on the development, REA’s 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 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, expressing the view that Nigerian financial institutions should take the lead in powering the country’s renewable infrastructure
“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 framew