The USAID/Power Africa-funded Renewable Energy and Energy Efficiency Project (REEEP) has revealed that solar and hybrid Electricity will provide the country with about 24 megawatts of power through off grid and mini grid sources this year, National Wire reports.
The REEEP, which closed in Nigeria in February after four years, already enabled over 16,600 connections for 3,384 megawatts, after leveraging around N756m.
About N7bn in debt and equity is, however, required by 19 companies for the provision of solar and Hybrid Electricity that will mainly give connections to rural areas, agricultural villages and some small and medium scale organizations in the country.
As noted in the Resources Book of the USAID-Power Africa REEP, this funding requirement may be daunting, given Nigeria’s environment with “foreign exchange crisis, a lack of long-term funding, high interest rates of about 28 per cent and high collateral requirements of over 100 per cent.”
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