Business
REA, Lotus Bank Launch Dedicated Renewable Energy Financing
The Rural Electrification Agency (REA) and Lotus Bank are expanding their collaboration to provide structured financing for renewable energy projects across Nigeria. The partnership aims to move from project-based support to a dedicated, large-scale facility under the Distributed Access through Renewable Energy Scale-up (DARES) programme.
REA Managing Director Dr. Abba Aliyu called on the bank to set clear global funding targets and ensure scalable project design. The initiative is expected to accelerate clean energy deployment to underserved communities, positioning renewable energy as a commercially viable sector for private investors.
Both institutions plan to formalize the partnership through a Memorandum of Understanding, which could serve as a model for other financial institutions to invest in sustainable energy solutions nationwide.
