- United Bank of Africa (UBA), a commercial bank based in Lagos, Nigeria has signed an agreement with Renewvia.
- In partnership with Incremental Energy Solutions, the American company will provide solar energy to UBA’s branches in Nigeria.
A contract between Renewvia and the Lagos, Nigeria-based commercial bank United Bank of Africa (UBA) has been struck. The renewable energy supplier will fund, construct, own, and operate solar photovoltaic systems to power UBA’s branches across Nigeria as part of this “long-term” relationship. Incremental Energy Solutions (IES), Renewvia’s partner in Nigeria, is also a part of the cooperation.
A prominent Nigerian bank, UBA, has offices in London, Paris, and New York, as well as at least 20 other African nations. With over 20,000 personnel spread throughout 1,000 sales offices and touch locations across the African continent, the group manages $20 billion in assets.
By working together, UBA hopes to lessen its carbon footprint. Renewvia not only gives businesses clean energy but also finances and sets up off-grid solar power installations in rural areas.
The company is engaged in carrying out the Nigeria Electrification Project, which is financed by the World Bank (NEP). Renewvia has set up hybrid solar mini-grids in Bayelsa State as a part of the NEP. Additionally, the business run by Trey Jarrard has acquired $10 million in capital from US-based investment company Claritas Capital for its investments in 2021. 350,000 individuals are expected to get access to power by 2024. Renewvia states that their portfolio of hybrid solar projects totals 100 MW.