By Seun Ibiyemi
The Rural Electrification Agency (REA) has disbursed nearly ₦9 billion to support the development of renewable energy projects across Nigeria, marking another milestone in its drive to expand electricity access through sustainable solutions.
In the latest round of funding, the agency released ₦7.95 billion to Havenhill to finance critical equipment for four mini-grid power projects spanning Taraba State, Kwara State, and Kogi State.
In a similar move, ₦1.056 billion was disbursed to Faraday & Otstred Limited for mini-grid deployments across three sites in Niger State.
The latest allocations come on the heels of earlier funding announcements by the agency, including ₦7.4 billion for Ventura Logistics Services and ₦3.2 billion for Zanoplus, reinforcing a growing pattern of sustained investment in Nigeria’s renewable energy sector.
The disbursements are backed by the Distributed Access through Renewable Energy Scale-up (DARES) programme under its Performance-Based Grant framework, and are tied to a recently signed ₦100 billion Memorandum of Understanding between the REA and Lotus Bank.
Speaking on the development, the Managing Director of REA, Abba Aliyu, described the consistent flow of funding as a positive signal for the sector.
He noted that the pattern of capital deployment is boosting investor confidence and accelerating project execution.
According to Aliyu, the financing will enable developers to access equipment and funding required for timely delivery of projects, while also ensuring that communities benefit from faster access to reliable electricity.
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He added that the trend underscores the growing role of local financial institutions in supporting Nigeria’s renewable infrastructure.
Aliyu reiterated the agency’s commitment to empowering indigenous companies and strengthening the country’s clean energy ecosystem, stressing that the momentum being built is beginning to yield visible results in expanding power access nationwide.
