The Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria project is happy to announce that it has signed Lagos Business School (LBS) as the first beneficiary of the SUNREF Nigeria credit facility. The Lagos Business School will be receiving a loan through Access Bank, which is a partner bank of SUNREF Nigeria, at 9% interest with an 8-year repayment period. The loan includes a 10% investment grant. Through this loan, the Lagos Business school which is the leading business school in Africa will be embarking on a 350KW solar project that will significantly reduce their soaring operating energy cost as well as cater for 60% of their electricity requirements.
SUNREF is the green financing line for Renewable Energy Projects by the French Development Agency (AFD). Launched in 2020, it is a technical assistance facility for the development of green energy projects in Nigeria, with a USD 70 million credit line funded by the AFD and a USD 7 million performance-based investment grant provided by the European Union Infrastructure Trust Fund (EUITF). The SUNREF initiative is hosted by the Manufacturers Association of Nigeria (MAN), and technical assistance is provided by Winrock International and supports all projects financed through the credit line.
SUNREF Nigeria offers a credit product specifically designed to meet the needs of Renewable Energy and Energy Efficiency projects, with low rates and long tenors. The SUNREF Nigeria Team Lead, Mr. Javier Betancourt, has urged organizations in Nigeria to apply before the deadline, April 2023, to be eligible for the 10% investment grants. “The application process is very simple: simply apply on our website. Once the SUNREF Nigeria team finds your project eligible, it is reviewed by either Access Bank or UBA who are our partner banks according to their Credit Risk Review Criteria. The loan application is approved if it meets the criteria.,” said Mr. Betancourt.
To apply, please visit www.sunrefnigeria.org
