Bank of Industry, UNDP Seal $2m Solar Energy Pact

 
The Bank of Industry (BoI) yesterday sealed a $2m (N611m) agreement with the United Nations Development Programme for the implementation of solar electrification projects in some select off-grid rural communities in the country.
 
The $2m deal which is part of the UNDP/BoI Access to Renewable Energy Project is aimed at implementing the second phase of the solar power electrification projects in some select communities across the country.
 
Six communities, spread across the six geo-political zones where the bank had subsisting relationship for the development of Micro, Small and Medium Enterprises, are already benefitting from pilot phase.
 
The pilot project involved the provision of long-term financing for the installation of micro-grid and stand-alone solar solutions in the benefitting states.
 
Speaking during the event in Abuja, Mr. Waheed Olagunju, BoI Acting Managing Director, said the signing of the Cost Sharing Agreement with the UN agency, would facilitate the replication and scaling up of the solar energy projects in more communities across the country.
 
He said, “The blend of BoI’s contribution in the sum of $1.4m as debt financing for the projects, with UNDP’s grant contribution of $600,000 will provide the much needed stimulus to scale up the projects in view of the attendant reduction in the cost of deployment and enhancement of its overall viability.