- REA disburses over ₦9 billion to mini-grid developers, boosting renewable energy deployment across multiple states.
- The funding strengthens local financing and project delivery, accelerating access to reliable power for underserved communities.
The Rural Electrification Agency (REA) has advanced its funding drive for renewable energy projects with new disbursements across Nigeria. The agency released ₦7.95 billion to Havenhill to finance equipment for four mini-grid projects in Taraba, Kwara, and Kogi States. It also disbursed ₦1.056 billion to Faraday & Otstred Limited for mini-grid deployments across three sites in Niger State.
These payments follow earlier allocations of ₦7.4 billion to Ventura Logistics Services and ₦3.2 billion to Zanoplus. Together, these disbursements show a steady flow of capital into Nigeria’s renewable energy sector.
Meanwhile, REA issued the funding under the Distributed Access through Renewable Energy Scale-up (DARES) programme. It used the Performance-Based Grant (PBG) framework, supported by a ₦100 billion Memorandum of Understanding with Lotus Bank. This structure ties funding directly to project delivery and performance.
REA Managing Director Abba Aliyu praised the consistency of the funding. He said the agency is building a clear pattern of capital deployment and project execution. In addition, he noted that developers now have better access to equipment and financing. He also said communities will benefit from faster delivery of reliable power.
Aliyu added that the funding signals growing confidence in local financing. He emphasised that Nigerian financial institutions are taking a leading role in supporting renewable infrastructure. He said REA will continue to empower local companies and sustain momentum in the sector.