New Telegraph

REA, Chapel Hill Denham sign MoU for off-grid electrification

The Rural Electrification Agency (REA) has signed a Memorandum of Understanding (MoU) with Chapel Hill Denham, an independent investment banking and securities trading firm, to drive the adoption of solar power and facilitate the financing for off-grid electrification projects in Nigeria.
The deal was signed by the parties at an investor matchmaking event held in partnership with the Power Africa Nigeria Power Sector Programme (PA-NPSP, USAID).
REA in a statement said the partnership was part of Nigeria’s quest to expand solar power access and accelerate economic development.
It added that the joint efforts were intended to play a leading role in achieving Nigeria’s energy access goals and driving positive change in the country’s power sector.
REA has deployed the Solar Power Naija programme, a critical component of Nigeria’s Economic Sustainability Plan (ESP), to provide five million new solar connections in off-grid communities.
Chief Executive Officer of Chapel Hill Denham, Mr Bolaji Balogun, said the project perfectly aligned with the company’s commitment to driving transformative solutions that positively impact the lives of Nigerians.
He assured of the commitment and readiness of his firm to deliver sustainable solar power projects that will boost Nigeria’s economic growth and social well-being.
Balogun said: “Together, we will work tirelessly to deliver sustainable solar power projects that contribute to the economic growth and social well-being of the nation.”
It was gathered that Chapel Hill Denham had actively funded infrastructure projects that promote climate resilience and sustainable development, leading approximately 80 per cent of green bond issuances in Nigeria.
That initiative is expected to generate an annual increase of N7 billion in tax revenues and contribute $10 million towards import substitution.

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