Published
on
By
NNN: Renewable Energy Association of Nigeria (REAN), says that project equity investment is a key factor to avert the hurdles of accessing government intervention funds for climate financing.
The Vice President of REAN, Mr. Adetunji Iromini, said this while speaking with the News Agency of Nigeria, on why funding challenges and accessibility to government funds persist in spite of several funds deployed to upscale renewable energy in Nigeria.
Iromini, also the CEO of Solar Centric Technologies Limited, stressed that while these funds had been rolled out via specialized government banks, there were rigorous processes due to the high-risk perception of the sector.
”Renewable Energy is new in Nigeria, progress has been slow, we still have a lot to do and we also need more policies that can help us grow and become better in the sector.
“However, it’s a totally new environment from five years ago when we started, we have moved, we now have banks who will give up to N20 million loans at zero collateral.
“For Solar Centric, we understand that projects are very huge and capital intensive, but lack of capacity in developing viable projects and correctly access project risks are also concerns for stakeholders.
“As I speak to you, we have 350 million dollars from the World Bank and another estimated amount of 150 million dollars from Africa Development Bank but how many bankable projects being brought forward are accessible.
“With project equity investment you do not need to go to the bank, you can simply come to us because our focus is on the residential sector, communities, power, and industrial sectors.
“This is one of the easiest ways to deploy acquisition of solar in Nigeria, that is how it has worked in other parts of the world, we absolve the customer completely from the rigors of loan processing,’’ he said.
Iromini also mentioned a process known as “Net metering” a “billing mechanism that credits solar energy system owners for electricity added to the grid as a way of investing in solar technology.
“You generate energy while investing your money in alternative technologies, you consume what you can and sell the rest to the grid or your neighbors, thereby making energy more available for use across sectors.
NAN reports that renewable energy as a sector has emerged in the Nigerian economic consciousness as a viable source of affordable clean energy boosting the energy deficit in the last five years.
NewsSourceCredit: NAN
Akeredolu’s wife seeks more women inclusion in governance
Lagos develops guidelines on safe, lawful abortion
NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

Contact: editor @ nnn.ng







source

Leave a Reply

Your email address will not be published.

You May Also Like

Just InAgain, terrorists attack Military checkpoint at Zuma Rock, Abuja, reportedly kill Soldiers in shootout – Vanguard

Just InAgain, terrorists attack Military checkpoint at Zuma Rock, Abuja, reportedly kill…

Buhari lists Nigeria's benefits from Open Government Partnership – Guardian Nigeria

President Muhammadu Buhari. Photo/FACEBOOK/Femi AdeshinaPresident Muhammadu Buhari has itemised the benefits Nigeria…

18,429 test positive for hepatitis in Nasarawa | The Guardian Nigeria News – Nigeria and World News — Nigeria — The Guardian Nigeria News – Nigeria and World News – Guardian Nigeria

Nasarawa State Ministry of Health has said that 18,429 persons have tested…

Three people killed in Philippine university shooting | The Guardian Nigeria News – Nigeria and World News — World – Guardian Nigeria

Members of police Special Weapons and Tactics (SWAT) stand guard along a…