Barely weeks after the Rural Electrification Agency (REA) and Lotus Bank signed a landmark ₦100 billion Memorandum of Understanding (MoU), the partnership has begun to yield fruit as Ventura Logistics Services has secured ₦7.4 billion in financing to deploy renewable energy infrastructure across eight key sites in Ebonyi State.

This funding, backed by the Distributed Access through Renewable Energy Scale-up (DARES) Program’s Performance-Based Grant (PBG) framework, marks the first major drawdown from the Lotus Bank facility, according to a statement on Monday.

The statement explained that the investment is set to deliver approximately 7MW of renewable power, a move projected to transform the socio-economic landscape for over 30,000 households and businesses.

It added that the deployment will reach across the communities of Okposi, Mebiokpa, and Ohaozara within the Ohaozara Local Government Area, extending to Ebunwana in Edda Local Government Area.

According to it, additionally, the project will cover Unwana and Afikpo in Afikpo North, as well as Iboko in the Izzi Local Government Area.

Reacting to the speed of the deployment, the Managing Director of the REA, Abba Aliyu, emphasised that this milestone is evidence that the agency is actively working on partnerships that deliver real and tangible results to Nigerians.

He said that the project stands as a prime example of how strategic alignment can yield immediate benefits for the public.

“The rapid onboarding of Ventura Logistics is being credited to the disciplined structure of the DARES framework. By utilising a performance-based model, the program provides the transparency and confidence in outcomes that commercial lenders like Lotus Bank require to commit capital to the renewable sector,” the statement added.