Barely weeks after the Rural Electrification Agency and Lotus Bank signed a landmark N100bn Memorandum of Understanding, the partnership has begun to yield results as Ventura Logistics Services has secured N7.4bn in financing to deploy renewable energy infrastructure across eight key sites in Ebonyi State.
The funding, backed by the Distributed Access through Renewable Energy Scale-up Programme’s Performance-Based Grant framework, marks the first major drawdown from the Lotus Bank facility.
In a statement, the REA said that the investment is expected to deliver approximately 7 megawatts of renewable power, a move projected to impact over 30,000 households and businesses.
The deployment will cover communities in Okposi, Mebiokpa, and Ohaozara within the Ohaozara Local Government Area, extending to Ebunwana in the Edda Local Government Area, it was learnt. It will also reach Unwana and Afikpo in Afikpo North, as well as Iboko in Izzi Local Government Area.
Reacting to the development, the Managing Director of the REA, Abba Aliyu, said the milestone shows that the agency is actively pursuing partnerships that deliver tangible results to Nigerians. According to Mr Aliyu, the project demonstrates how strategic alignment can produce immediate benefits for the public.
The rapid onboarding of Ventura Logistics was attributed to the structured design of the DARES framework, which uses a performance-based model to provide transparency and assure outcomes, thereby giving lenders like Lotus Bank the confidence to invest in the renewable energy sector. “The rapid onboarding of Ventura Logistics is being credited to the disciplined structure of the DARES framework. By utilising a performance-based model, the programme provides the transparency and confidence in outcomes that commercial lenders like Lotus Bank require to commit capital to the renewable sector,” the statement added.
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