Firms secure N9bn REA renewable energy funding

By Adewale Sanyaolu

The Rural Electrification Agency (REA) is driving a major surge in Nigeria’s renewable energy sector, disbursing N7.95 billion and N1.056 billion to finance critical mini-grid projects across multiple states.

The latest funding will empower Havenhill to deploy four mini-grids in Taraba, Kwara, and Kogi, while Faraday & Otstred Limited will expand mini-grid access across three sites in Niger State.

These allocations rides on the back of  recent disbursements, including N7.4 billion for Ventura Logistics Services and N3.2 billion for Zanoplus, underscoring REA’s sustained push to scale renewable infrastructure nationwide.

The funding is delivered under the Distributed Access through Renewable Energy Scale-up (DARES) program’s Performance-Based Grant (PBG) framework, and marks tangible progress following a N100 billion Memorandum of Understanding (MoU) signed with Lotus Bank to strengthen local financing for renewable energy.

REA Managing Director Dr. Abba Aliyu, hailed the development as a sign of growing confidence in Nigeria’s energy market.

“This is not a one-off event; it is a consistent pattern of capital deployment, project execution, and increasing market confidence,” Aliyu said.

He emphasised that the impact extends beyond developers.

“For project developers, it provides access to the equipment and financing needed to deliver. For communities, it means faster access to reliable power. And for the market, it demonstrates that Nigerian financial institutions are stepping up to power our renewable future,” he noted.

Aliyu reaffirmed REA’s commitment to building a locally-led, sustainable energy ecosystem.

“This is the energy we envisioned—where Nigerian institutions lead the charge in financing renewable infrastructure, supported by strong, performance-based frameworks. Momentum is building, and the results are already visible,” he said.