- Ventura Logistics Services has secured N7.4 billion in financing to deploy renewable energy projects in Ebonyi State under the REA-Lotus Bank partnership.
- The project will deliver about 7MW of power and impact over 30,000 households and businesses across multiple communities.
The Rural Electrification Agency (REA) and Lotus Bank have recorded their first major milestone weeks after signing a N100 billion Memorandum of Understanding. Ventura Logistics Services has secured N7.4 billion in financing to deploy renewable energy infrastructure in Ebonyi State.
The Distributed Access through Renewable Energy Scale-up (DARES) Programme supports the funding. Specifically, the financing comes through its Performance-Based Grant framework.
This milestone marks the first major drawdown from the Lotus Bank facility. As a result, the development signals early progress in the REA-Lotus partnership.
According to the REA, the investment will deliver about 7 megawatts of renewable power. It will also impact more than 30,000 households and businesses.
Ventura Logistics will deploy the projects across several communities in the state. These include Okposi, Mebiokpa, and Ohaozara in Ohaozara Local Government Area.
The rollout will also cover Ebunwana in Edda Local Government Area. In addition, it will reach Unwana and Afikpo in Afikpo North, as well as Iboko in Izzi Local Government Area.
Reacting to the development, REA Managing Director Abba Aliyu said the milestone reflects the agency’s focus on results-driven partnerships.
He said the project shows how strong collaboration can deliver immediate benefits. According to him, strategic alignment continues to produce tangible outcomes for Nigerians.
The REA credited the rapid onboarding of Ventura Logistics to the design of the DARES framework. The programme uses a performance-based model to ensure transparency and measurable results.
The agency stated, “The rapid onboarding of Ventura Logistics is being credited to the disciplined structure of the DARES framework. By utilising a performance-based model, the programme provides the transparency and confidence in outcomes that commercial lenders like Lotus Bank require to commit capital to the renewable sector.”
This approach strengthens investor confidence in the sector. It also encourages financial institutions to invest in renewable energy projects.
Overall, the project highlights the value of structured financing models. It also reinforces ongoing efforts to expand energy access and accelerate clean energy adoption in Nigeria.