The Rural Electrification Agency (REA) has signed a Memorandum of Understanding (MoU) with Anfani Energy Limited to catalyze funding and technological innovation for the implementation of 1,500MW renewable energy projects in the next three years.
The Federal Government has already provided $ 750 million to attract $ 1.1 billion in funding from private investors for the projects.
In his remarks at the MoU signing ceremony in Abuja, Anfani, Managing Director, Mr. Ishaq Bolarinwa Anfani, said his firm is to bridge the gap of affordability and accessibility for renewable energy solutions. “We bridge the affordability and accessibility gap for renewable energy solutions in Nigeria and sub-Saharan Africa,” he said.
Explaining his firm’s role in the MoU, he said it is about the removal of constraints and catalyzing financing for the projects.
His words: “It is about igniting dreams, empowering communities, and catalyzing growth from the ground up. That is what renewable electrification is all about. “Regarding the MOU, we are treating it as an opportunity free from constraints. Catalytic financing is one aspect we want to source.
”He said improving the process and project is essential as stakeholders begin the project. He emphasized that the firm’s focus on technology goes beyond just creating it; they first understand each community’s needs and then develop the right technology for them. “We don’t just create technology for communities; we find out what they need and tailor our solutions to fit,” he explained.
Nigerian Electrification Project (NEP) Head, Mr. Olufemi Akinyelure said the REA developed the Renewable Energy Service Companies (RESCOs) strategy as part of its broader efforts to scale up improved energy access, particularly in underserved and off-grid rural areas and ensure the sustainability of off-grid projects.
The RESCO, according to him, is a central pillar of REA’s off-grid electrification efforts, ensuring that unserved, underserved, and rural communities benefit from sustainable, affordable, and scalable renewable energy solutions.
He added that in the light of Electricity Act (2023) giving states autonomy over their electricity market, the REA has initiated collaboration with state governments and RESCOs to address potential bottlenecks and ensure structured and simplified processes are in place toward achieving successful and sustainable project development.
Akinyelure also revealed the key elements of the RESCO’s Strategy of Public-Private Partnerships (PPP) during the engagement.
The partnerships, he said, capitalize on the strengths of private investment, technical expertise, and operational capacity while REA provides critical support through policy frameworks, financing mechanisms, and monitoring oversight.
