Follow Us on Google
Barely weeks after signing a landmark N100 billion financing agreement aimed at accelerating renewable energy access in Nigeria, the partnership between the Rural Electrification Agency (REA) and Lotus Bank has recorded its first major breakthrough, with Ventura Logistics Services securing N7.4 billion to deploy renewable power infrastructure across multiple communities in Ebonyi State.
The financing—facilitated under the Distributed Access through Renewable Energy Scale-up (DARES) Program—marks the first drawdown from the N100 billion facility and signals a swift shift from policy commitment to project execution. Industry stakeholders say the rapid deployment highlights growing investor confidence in Nigeria’s renewable energy sector, particularly in off-grid and distributed power solutions targeting underserved communities. With the investment, Ventura Logistics will roll out about seven megawatts of renewable energy capacity across eight strategic locations in the state, a development projected to expand reliable electricity access to more than 30,000 households and businesses while stimulating local economic activity in communities long plagued by unstable power supply.
The renewable infrastructure will serve communities including Okposi, Mebiokpa and Ohaozara in Ohaozara Local Government Area; Ebunwana in Edda Local Government Area; Unwana and Afikpo in Afikpo North Local Government Area; as well as Iboko in Izzi Local Government Area.
Officials say the project is backed by the DARES programme’s Performance-Based Grant framework, a model designed to unlock private capital by tying financing to verifiable delivery milestones, thereby reducing risk for lenders while ensuring projects are completed.
Reacting to the pace of implementation, the Managing Director of the Rural Electrification Agency, Abba Aliyu, said the development demonstrates the agency’s commitment to forging partnerships capable of delivering measurable impact in record time.
Other News
According to him, the project underscores how strategic collaboration between government institutions and private sector financiers can rapidly translate financing agreements into infrastructure that improves energy access, drives economic growth and enhances livelihoods in rural communities.
Analysts say the swift onboarding of Ventura Logistics also underscores the effectiveness of the DARES framework in creating bankable renewable energy projects.
By embedding transparency and performance benchmarks into the funding structure, the programme is helping to attract commercial lenders such as Lotus Bank to Nigeria’s emerging distributed renewable energy market.
The Ebonyi deployment is expected to serve as an early test case for the broader ₦100 billion REA–Lotus Bank financing arrangement, which aims to catalyse large-scale investment in renewable energy infrastructure and significantly narrow Nigeria’s electricity access gap.
