The Rural Electrification Agency (REA) has entered into a N50 billion project financing partnership with Alpha Morgan Bank to accelerate the deployment of renewable energy projects and expand electricity access in unserved and underserved communities across Nigeria. Under the agreement, Alpha Morgan Bank will provide up to N50 billion in financing to eligible renewable energy developers participating in REA-led programmes, including the Distributed Access through Renewable Energy Scale-up (DARES) Project. The facility will offer revolving loans of up to N10 billion per eligible developer, with tenures of 12 to 24 months, subject to the bank's credit assessment. Alpha Morgan Bank will provide up to 70 per cent counterpart funding for qualifying projects.
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