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.
The facility will provide revolving loans of up to N10 billion per eligible developer, with proposed tenures of between 12 and 24 months, subject to ...