Power Sector News
FRENCH AGENCY FUNDS 350KW SOLAR POWER PROJECT IN LAGOS
The French Development Agency through its financing arm in Nigeria has provided funding for a 350 kilowatts solar project at the Lagos Business School in Lagos State.
It announced this in a statement issued in Abuja by the Sustainable Use of Natural Resources and Energy Finance Nigeria project. SUNREF is the green financing line for renewable energy projects by the AFD.
The statement read in part, “The Sustainable Use of Natural Resources and Energy Finance Nigeria project is happy to announce that it has signed Lagos Business School as the first beneficiary of the SUNREF Nigeria credit facility.
The Lagos Business School will be receiving a loan through Access Bank, which is a partner bank of SUNREF Nigeria, at nine per cent interest with an eight-year repayment repayment. The loan includes a 10 per cent investment grant.
“Through this loan, the Lagos Business School which is the leading business school in Africa will be embarking on a 350KW solar project that will significantly reduce their soaring operating energy cost as well as cater for 60 per cent of their electricity requirements.”
Inaugurated in 2020, SUNREF is a technical assistance facility for the development of green energy projects in Nigeria, with a $70m credit line funded by the AFD and a $7m performance-based investment grant provided by the European Union Infrastructure Trust Fund.