To boost renewable energy deployment, the Rural Electrification Agency (REA) has disbursed N9 billion to fund mini-grid projects across four states.

In the latest round, N7.95 billion was released to Havenhill to finance critical equipment for four mini-grid power projects in Taraba, Kwara, and Kogi states. Faraday & Otstred Limited received N1.056 billion for mini-grid installations across three sites in Niger State.

The allocations followed REA’s earlier financing commitments of N7.4 billion for Ventura Logistics Services and N3.2 billion for Zanoplus.

The disbursements are backed by the Distributed Access through Renewable Energy Scale-up (DARES) programme’s Performance-Based Grant (PBG) framework and are linked to a recently signed N100 billion Memorandum of Understanding (MoU) with Lotus Bank.

REA’s Managing Director, Dr Abba Aliyu, described the development as a demonstration of consistent capital support for Nigeria’s renewable sector.

His words: “What is particularly encouraging here is the consistency; this is not a one-off.”

It is a pattern of capital being deployed, projects moving forward, and confidence in the system continuing to grow.

“For developers, this means access to the equipment and financing needed to deliver. For communities, it means faster timelines for reliable power. And for the market, it reinforces the point that local financing is stepping up in a significant way.”

He emphasised the agency’s commitment to enabling local companies to drive the country’s renewable energy growth.

“This is exactly the kind of energy we hoped to unlock, where Nigerian financial institutions take the lead in powering Nigeria’s renewable infrastructure, backed by strong, performance-based frameworks. We are building momentum, and it is beginning to show,” Aliyu added.