SUNREF sets to implement €70m renewable energy project in Nigeria

The Sustainable Use of Natural Resources and Energy Finance (SUNREF) is set to launch a technical assistance facility for the development of green energy projects in Nigeria with a €70 million grant on 15th of September, 2020.

The grant is funded by the French Development Agency (AFD) and the European Union

Infrastructure Trust Fund (EU-ITF) for the creation of green financing line for businesses to strive.

Through this grant, the SUNREF Nigeria programme will provide technical assistance to support the Manufacturers Association of Nigeria (MAN), partner banks, and companies in Nigeria towards the development of energy efficiency (EE) and renewable energy (RE) projects.

In Nigeria where access to energy is far from universal, limited energy security and rising energy prices will likely continue to challenge the growth of Nigerian businesses soon.

As a result, increasing the development of green energy is a key condition to a sustainable economic growth by ensuring reliable access to energy as well as enabling businesses and households to seize the opportunities of the ecological transition.

The SUNREF Nigeria programme seeks to improve access to energy through improved access to affordable finance for renewable energy technologies and energy-efficient initiatives that will improve lives, increase economic opportunities, and support various sectors such as industry and agriculture.

The SUNREF initiative has been deployed in over 30 countries and successfully supported over 42 projects in partnership with about 70 banks to the tune of about €2.5 billion from the AFD, of which €1.2 billion has been paid.

The benefits of the SUNREF program includes: targeting entrepreneurs AFD cannot finance directly such as SMEs and individuals, using financial intermediaries as channels for disseminating these types of projects through reliable local counterparts with technical skills and disseminating technical know-how and good practices through technical assistance.