LBS leverages SUNREF facility for 350KW solar project

To address energy-related challenges, Lagos Business School (LBS) has concluded plans to access the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria credit facility for its 350KW solar project.

According to SUNREF, LBS is the first beneficiary of the credit facility and the school will be receiving a loan through Access Bank, which is a partner bank of SUNREF Nigeria, at nine per cent interest with an 8-year repayment period. The loan includes a 10 per cent investment grant.

Through this loan, the Lagos Business school will be embarking on a 350KW solar project that will significantly reduce its soaring operating energy cost as well as cater for 60 per cent of its electricity requirements.

SUNREF is the green financing line for Renewable Energy Projects by the French Development Agency (AFD).

Launched in 2020, it is a technical assistance facility for the development of green energy projects in Nigeria, with a $70 million credit line funded by the AFD and a $7 million performance-based investment grant provided by the European Union Infrastructure Trust Fund (EU-ITF).

The Manufacturers Association of Nigeria (MAN) hosts the SUNREF initiative, and technical assistance is provided by Winrock International and supports all projects financed through the credit line.

The SUNREF Nigeria Team Lead, Javier Betancourt, urged organizations in Nigeria to apply before the deadline, April 2023, to be eligible for the 10 per cent investment grants.

“The application process is very simple: simply apply on our website. Once the SUNREF Nigeria team finds your project eligible, it is reviewed by either Access Bank or UBA who are our partner banks according to their Credit Risk Review Criteria. The loan application is approved if it meets the criteria,” said Mr. Betancourt.