- BOI expands its Solar Energy Funds to N6bn.
- Solar energy companies can access the funds directly from BOI or DMBs.
The Bank of Industry (BoI) has expanded its Solar Energy Fund to N6 billion, according to a statement on its website. According to the BoI, the Fund was upgraded to allow several end-user categories (commercial and residential) to get dependable solar products.
The Fund was initially introduced in 2017 as a N1 billion Solar Energy Fund for Micro, Small, and Medium-Sized Businesses (MSMEs). The objective was to assist in addressing the difficulties in Nigeria’s power sector.
The BoI announced that the Fund’s target market has expanded to include households, businesses (in the agricultural, solid mineral, artisanal, service, and hospitality sectors), and project developers (who offer solar solutions for residential estates, educational institutions, and healthcare facilities).
End users or solar energy companies can access the funds directly from BOI or indirectly through Deposit Money Banks (DMBs) or Microfinance Banks (MFBs).