The French Development Agency and the Manufacturers Association of Nigeria (MAN) are collectively offering $81m for the development of renewable energy and the energy efficiency sector in Nigeria.
Both organisations are supporting renewable energy development in Nigeria through the Sustainable Use of Natural Resources and Energy Finance programme(SUNREF).
A statement issued by the SUNREF Nigeria Programme Official, Ogechi Adiuku, stated that the $81m would be disbursed as low-cost debts and grants.
She said both organisations just hosted an investor’s conference to attract investment into Nigeria’s renewable energy and energy efficiency sector.
Adiuku described SUNREF as a green financing line for businesses developed by the French agency and MAN.
It read in part, “The conference brought together investors, SUNREF Nigeria partner banks, technical assistance providers, renewable energy and energy efficiency project developers, government agencies and other stakeholders.
“At the conference, manufacturers were encouraged to take advantage of the SUNREF funding facility, which is composed of a €60m ($70m) low-cost debt financing, a €9.5m ($11m) grant facility and technical assistance provided to partner banks and project developers.”
It stated that the conference was hosted in partnership with development partners, including the Nigerian Energy Support Programme, implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit and an off-grid renewable energy investor, All-On.
The President, MAN, Mansur Ahmed, in the statement said the SUNREF credit facility was apt as it would benefit manufacturers who need more power to drive their operations.
“We are excited about it as potential beneficiaries, and we hope that both our members and non-members will take full advantage of this opportunity,” he added.
The Chief Executive Officer, All-On, Wiebe Boer, highlighted the market potential in the renewable energy and energy efficiency sectors in Nigeria.