In partnership with the World Bank, the Nigerian Rural Electrification Agency (REA), has signed a grant agreement with Renewvia Solar Nigeria for the Solar Hybrid Mini Grids Performance-Based Grant (PBG).
Renewia Solar Nigeria is the second company to conclude agreements under the program. The grant agreements fall under the framework of the Nigeria Electrification Project (NEP) and involve the Oloibiriand Akipelaiin Bayelsa State communities.
The goal of the NEP is to expand access to electricity for neglected and underserved communities throughout Nigeria. By signing a funding agreement for a performance-based loan, NEP, REA, the government of Nigeria and the World Bank are heading one phase closer to electrifying Nigeria, one city at a time.
The PBG has also reached an agreement with the renewable energy company, Powergen, to facilitate the electrification of 10 communities in the state of Niger. This marks a milestone in the energization of over 2.5 million Nigerians with renewable, secure, effective and inexpensive electricity.
The NEP initiative follows the launch of the African Development Bank AfDB, the Nigerian government and the Africa Growing Together Fund, where joint funding of $200 million will de-risk and scale up private sector participation in the off-grid market, which will encourage a market environment conducive to the accelerated electrification of Nigeria’s off-grid areas.