In Nigeria, the Rural Electrification Agency (REA) and a local investment firm have signed a Memorandum of Understanding (MoU) to facilitate financing to developers for solar projects. The MoU was signed between REA and Chapel Hill Denham with the aim of furthering the Solar Power Naija Programme. The programme was launched as part of the country’s Economic Sustainability Plan (ESP) to achieve the rollout of five million new solar connections in off-grid communities. Recently, the World Economic Forum said scaling rural electrification in Nigeria through distributed solar generation, mini-grids, and off-grid technology alternatives has the potential to generate $9.2bn in annual market investments for solar mini-grids. However, certain barriers persist in the broader adoption of solar generation.”The Energy Transition Plan said a $23bn investment opportunity “has been identified based on current in-country programmes and projects that are directly related to the just energy transition.”

Source: The North Africa Journal May 15, 2023 17:05 UTC