Access Bank Launches Solar Financing For Health Sector
Access Bank Plc has unveiled a solar energy financing model to facilitate sustainable energy supply across Nigeria’s health sector.
The ‘Solar for Health’ initiative is designed to provide hospitals, laboratories, and other healthcare facilities with affordable financing options to install energy-efficient solar solutions, enabling them to transition from high-cost fossil fuel dependency.
Executive director and chief risk officer of Access Bank, Gregory Jobome, stated this at the ‘Solar for Health Breakfast launch’ event held yesterday in Lagos. The event brought together medical practitioners and key stakeholders in the healthcare industry to explore sustainable solutions for the future.
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Also, the Bank signed a Memorandum of Understanding (MoU) with the Renewable Energy and Energy Efficiency Associations Alliance (REEEA-A) to collaborate on driving renewable energy initiatives and achieving net-zero emissions.
He stated that businesses in the health sector can access up to N200 million to power their facilities through solar energy, payable over 48 months (four years).
According to Jobome, Nigeria’s healthcare sector is already burdened by several economic constraints, making it imperative to provide financing solutions that ease the energy burden.
“The solution we are offering allows medical facilities to adopt clean energy without bearing the heavy upfront costs. Over time, the savings from switching to solar will exceed what is paid on the loan.”
Beyond financing, Jobome emphasized the need to strengthen the nexus between Nigeria’s energy and health sectors, noting that the initiative would improve service delivery and patient outcomes while aligning with the Sustainable Development Goals (SDGs) and environmental regulations.
He highlighted, “Access Bank’s collaboration with the Renewable Energy and Energy Efficiency Associations Alliance (REEEA-A). The financing framework forms part of the bank’s broader Sustainable Finance Accelerator Programme, aimed at driving renewable energy adoption in critical sectors of the economy.”
President of Renewable Energy and Energy Efficiency Associations Alliance, Professor Magnus Onuoha commended Access Bank for the initiative, stressing that the success of the project hinged on the quality of installations and regulatory enforcement within Nigeria’s renewable energy space.
“Many installations fail because they are handled by unqualified technicians using inferior materials. If we are going to achieve scale, we need to develop capacity and enforce standards across the sector,” Onuoha said.
He, however, acknowledged that the government had made significant progress in creating policies and maintaining a conducive business environment, which has boosted investor confidence in Nigeria’s renewable energy space.
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