- The French Development Agency (AFD) through its financing arm in Nigeria is providing funding for a 350kW solar project at the Lagos Business School in Lagos State.
The announcement was made by the Sustainable Use of Natural Resources and Energy Finance Nigeria (SUNREF). SUNREF is the green financing line for renewable energy projects by the AFD.
The statement read in part, “The Sustainable Use of Natural Resources and Energy Finance Nigeria project is happy to announce that it has signed Lagos Business School as the first beneficiary of the SUNREF Nigeria credit facility. The Lagos Business School will be receiving a loan through Access Bank, which is a partner bank of SUNREF Nigeria, at nine per cent interest with an eight-year repayment repayment. The loan includes a 10 per cent investment grant.”
Through this loan, the Lagos Business School will install a 350kW solar PV system which is expected to offset 60% of energy demand.
SUNREF is a technical assistance facility for the development of green energy projects in Nigeria, with a $70m credit line funded by the AFD and a $7m performance-based investment grant provided by the European Union Infrastructure Trust Fund.
Author: Bryan Groenendaal
