NIGERIA : UBA commercial bank accelerates its energy transition with Renewvia

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NIGERIA : la banque commerciale UBA amorce sa transition énergétique avec Renewvia © Brand Icon Image

United Bank of Africa (UBA), a commercial bank based in Lagos, Nigeria has signed an agreement with Renewvia. In partnership with Incremental Energy Solutions, the American company will provide solar energy to UBA's branches in Nigeria.

Renewvia has signed an agreement with United Bank of Africa (UBA), a commercial bank based in Lagos, Nigeria. Under this “long-term” partnership, the clean energy provider will finance, build, own and operate solar photovoltaic systems to power UBA’s branches in Nigeria. The partnership also includes Incremental Energy Solutions (IES), Renewvia’s partner in Nigeria.

UBA is a leading Nigerian bank with operations in at least 20 African countries, as well as offices in London, UK; Paris, France; and New York, USA. The group has $20 billion in assets under management and claims over 20,000 employees in 1,000 sales offices and touch points across the African continent.

Read also- NIGERIA: obtains a €1.5m loan to solarise businesses

“This is a landmark transaction, not only for Renewvia, IES and UBA, but also for the African clean energy sector in general, which has been suffering from a lack of foreign capital investment,” says Oladipupo Omodara, the chief executive officer of IES. Through this partnership, UBA wants to reduce its carbon footprint. In addition to providing clean energy to businesses, Renewvia finances and installs off-grid solar systems in rural areas.

The company is involved in the implementation of the World Bank supported Nigeria Electrification Project (NEP). As part of the NEP, Renewvia has installed hybrid solar mini-grids in Bayelsa State. And to support its investments, the company led by Trey Jarrard has secured $10 million in funding from Claritas Capital, a US-based investment firm, in 2021. The aim is to provide access to electricity for 350,000 people by 2024. Renewvia claims a portfolio of 100 MW of hybrid solar projects.

Jean Marie Takouleu

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