- The group has given strong attention to financing renewable energy projects.
- The bank’s initiative in the renewable energy space is a solution to improving energy access and will pave the way for more investments in the area.
FCMB Group has placed a premium on decarbonizing and scaling clean energy. The group has significantly cut its carbon footprint by moving about 73% of its branch network in Nigeria from relying on fossil fuels and the grid to fully powered by solar, placing the bank ahead in achieving a low-carbon future.
The group has given strong attention to financing renewable energy projects. The chief executive Ladi Balogun acknowledges the positive impact of energy on economic growth and affirms the banks’ commitment to financing clean energy projects that will improve livelihood and drive economic growth.The group has partnered with institutions like the African Development Bank and International Finance Corporation to provide the required finance for projects that will improve energy access and close the energy poverty gap.
The MD of the bank, Yemisi Edun, said that the bank’s initiative in the renewable energy space is a solution to improving energy access and will pave the way for more investments in the area. The bank has provided N1.7 billion to renewable energy firms, with N265 million allocated to mini-grid projects of 392Kwp total capacity across three states. Also, N330 million has been assigned to hybrid energy efficiency projects in Abuja and Lagos. The outcome of this funding has been significant as energy access has increased in the country, covering about 3000 households and SMEs.
The firm has a total credit of N21 billion to improve energy access. It is no doubt that the FCMB group is staying committed to promoting a safe ecosystem and driving sustainable development.