REA, Alpha Morgan Bank seal N50bn deal to fund renewable energy projects
By Obas Esiedesa, Abuja The Rural Electrification Agency (REA) has entered into a N50 billion project financing partnership with Alpha Morgan Bank to accelerate the deployment of renewable energy projects and expand electricity access in unserved and underserved communities across Nigeria.
Under the agreement, Alpha Morgan Bank will make available up to N50 billion in financing to eligible renewable energy developers participating in REA-led programmes, including the Distributed Access through Renewable Energy Scale-up (DARES) Project.
He said Alpha Morgan Bank was prepared to work with developers whose renewable energy projects had sound fundamentals, adding that the bank could structure financing and, where appropriate, subsidise some costs because of the wider national-development implications of expanding electricity access.
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