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REA secures ₦100 billion revolving loan facility from Stanbic IBTC Bank to support renewable energy developers and accelerate electricity access across Nigeria.
NigeriaGovernmentDescription
The Rural Electrification Agency (REA) has secured a ₦100 billion financing facility from Stanbic IBTC Bank to support renewable energy developers and accelerate electricity access in unserved and underserved communities across Nigeria. The agreement provides eligible developers participating in REA-led programmes with access to financing for equipment procurement and project implementation. Stanbic IBTC will provide a ₦100 billion revolving loan facility with a one-year tenor, with amounts to each developer determined based on their grant agreement, capacity, and credit assessment. The partnership is expected to reduce financing delays, enable faster equipment procurement, and strengthen private-sector participation in Nigeria's electricity access drive.
Rural Electrification Agency (REA) signed a new agreement. Fundz surfaces partnerships and contracts as they are announced.
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