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REEEA-A signs MoU with Access Bank on de-risking solar power investments

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… moves to seal NEMSA collaboration for quality assurance, capacity development, reliable renewable projects

 

Oredola Adeola

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The Renewable Energy and Energy Efficiency Associations Alliance (REEEA-A) has confirmed its partnership with Access Bank, under which the bank is providing de-risking mechanisms for renewable energy investments and developers through a signed MoU.

The Alliance also announced a planned collaboration with the Nigerian Electricity Management Services Agency (NEMSA) to ensure renewable projects meet the highest standards of safety, reliability, and technical compliance.

These initiatives form part of a broader set of partnerships and programmes unveiled by REEEA-A, all aimed at strengthening Nigeria’s clean energy sector and moving the country from “rhetoric to action” in solar and renewable deployment.

Prof. Magnus Onuoha, President of REEEA-A, made this known in his keynote address at the Renewable Energy and Energy Efficiency Associations Alliance (REEEA-A) 2025 International Conference in Lagos on Tuesday.

He said the collaboration will focus on technical standards, compliance, capacity building, public awareness campaigns, information sharing, research, innovation, and enforcement support.

“This is a clear step from rhetoric to action for Nigeria in the solar industry.

“We have also signed an MoU and partnered with Access Bank. Over the past year, the bank has been providing de-risking mechanisms for our investments and developers,” Onuoha stated.

He revealed that REEEA-A currently has more than seven co-creation partnership opportunities with Access Bank.

“By the time the co-creation lab is completed, it will be clear that Nigeria has genuine developers and investors worth supporting,” he added.

Onuoha also highlighted the role of Green Energy Nation Africa, which anchors REEEA-A’s youth wing, in launching a transformative capacity and entrepreneurship programme.

The initiative will combine skill acquisition, mentorship, internships, employment opportunities, and information support for new developers.

According to him, the programme is expected to take off in the coming months.

The REEEA-A President further praised the Electricity Act of 2023, signed by President Bola Tinubu, noting that over 90% of its provisions focus on renewables while empowering sub-national governments to participate.

“Thanks to the leadership of the Rural Electrification Agency (REA), our developers are now being linked with state governments through this Act.

“So far, 16 states have been engaged, and we are awaiting the other 19 to come on board,” Onuoha explained.

He confirmed that REEEA-A has toured all six geopolitical zones to engage sub-national leaders, commending Lagos State Governor Babajide Sanwo-Olu for creating an enabling environment that has positioned Lagos as a leader in clean energy delivery.

Onuoha also disclosed that the Federal Ministry of Power has appointed a Deputy Director to collaborate with REEEA-A, with a Memorandum of Understanding (MoU) scheduled for signing next week.

Prof. Onuoha expressed pride in indigenous entrepreneurs who have remained at the forefront of energy solutions despite the removal of fuel subsidy.

He further announced that REEEA-A has compiled critical sectoral data through its “Data Pots” project, with the Rural Electrification Agency of Nigeria, which is due in December 2024.

“We are custodians of the primary sources of data needed to drive the industry and plan for the full take-off of Nigeria’s clean energy transition,” he noted.

Onuoha also acknowledged the support of the German Government through GIZ in midwifing REEEA-A initiatives and called for stronger collaboration to accelerate clean energy adoption.

Engr. Aliyu Tahir, Managing Director and Chief Electrical Inspector of the Nigerian Electricity Management Services Agency (NEMSA), reaffirmed the agency’s commitment to ensuring that renewable energy projects in the country are developed to the highest standards.

“NEMSA remains committed to providing the necessary technical support and quality assurance that will guarantee safe, reliable, and sustainable renewable energy projects for Nigeria,” Tahir stated.

He disclosed that NEMSA is finalizing a formal collaboration with REEEA-A in Abuja, a move he said would strengthen compliance and open new opportunities for innovation and investment in the sector.

“This partnership will ensure that Nigeria’s renewable energy and energy efficiency targets are achieved with strict adherence to safety, reliability, and technical compliance,” he added.

Dr. Sunny Akpoyibo, President, ASTEVEN Energy Institute, in his comment at the conference, emphasized that the organization should remain action-oriented and focused on tangible deliverables.

He particularly commended the REEEA-A–NEMSA MoU, describing it as “a right step for quality assurance and capacity development.”

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