The group disclosed this agenda at its Energy Access Investment Forum (EAIF), held in Lagos. EAIF 2024 was organised by the Alliance for Rural Electrification (ARE), co-hosted by the Delegation of the European Union to the Federal Republic of Nigeria and ECOWAS, and supported by GET invest, and held under the patronage of the Nigerian Rural Electrification Agency (REA).
The REA said the project is backed by EUR 700 million (USD 750 million) financing from the World Bank.
This initiative, according to the group, would leverage innovative financing to enhance private sector-led clean electricity provision across the country.
Also, the Rural Electrification Agency signed two Memorandums of Understanding (MoU) to generate 500 MW of renewable energy to electrify rural communities across the nation. The 500 MW would be delivered through mini-grids to be constructed in unserved and underserved communities.
Speaking on behalf of the government, Managing Director of REA, Abba Abubakar Aliyu, said: “The EAIF has been a great opportunity for the REA to showcase its impact footprint on sustainable energy access. Most importantly, however, the forum has given us an opportunity to crystallise new partnerships while mainstreaming the new growth path of the nation’s DRE space. At the REA, we remain committed to exploring innovative technologies and people-centered models in the DRE ecosystem.”
The European Union (EU) announced new commitments of EUR 4 million for the upcoming GET.invest country window for renewable energy investment pipeline development, and another EUR 20 million for a dedicated Nigerian investment facility for renewable energy and agri-business.
Emphasising the EU’s strong commitment to Nigeria, Head of Cooperation, EU Delegation to Nigeria & ECOWAS, Massimo de Luca, said: “We are delighted to be co-hosting EAIF 2024 in Nigeria to bring even more attention to the great vibrancy of the investment climate for renewable energy in Nigeria. The EU has supported this sector in Nigeria since 2008, having granted some EUR 300 million to leverage further private and development finance.“
