LOTUS Bank Limited has partnered the Rural Electrification Agency (REA) to expand access to renewable energy solutions across underserved communities in the country.

LOTUS Bank signed a Memorandum of Understanding (MoU) with the REA in Abuja, under which it will provide accessible funding of up to N100 billion to empower certified Renewable Energy Service Companies (RESCOS).

The partnership is expected to accelerate clean energy project delivery, reduce financing bottlenecks and stimulate private sector participation to Nigeria’s National Electrification Strategy and Implementation Plan (NESIP) as well as contribute to Sustainable Development Goal (SDG) 7 for affordable, reliable and clean energy for all.

Speaking during the signing of the deal, Managing Director of LOTUS Bank, Dr. Isiaka Ajani-Lawal, described the collaboration as a clear reflection of the Bank’s mission to harness ethical finance to address critical, important and national development needs.

He said the bank was established to redefine the impact that financial institutions can have on the society they serve through financing, partnership, empowerment, and shared prosperity.

Ajani-Lawal said the bank’s expansion into renewable energy financing aligns with its broader strategy to deepen ethical and inclusive finance by supporting initiatives that have measurable social, environmental and economic impact.

“Our involvement with REA and the DARES programme underscores our commitment to supporting sustainable development goals, while driving financial inclusion across Nigeria.’’