The federal Government, through the Rural Electrification Agency (REA), has catalysed approximately N130.5 billion in sector financing to accelerate the involvement of private organisations in pushing renewable energy deployment nationwide.

This includes N100 billion secured from First City Monument Bank (FCMB) and $20 million (N30.5 billion) in debt financing from the International Finance Corporation (IFC).

The announcement was made yesterday in Abuja at the signing of multiple Memoranda of Understanding (MoUs) between REA and key institutions, including the Nigeria Correctional Service (NCoS), NIRSAL Plc, and about 12 renewable energy companies.

The agreements are aimed at driving inclusive energy access, fostering socio-economic development, and aligning with the nation’s Energy Transition Plan.

Among the private partners are Grey Sak Ltd, Energy Grid Solution, COOD CRL, PVG Solar, Auxano, Tranos, Esodora Ltd, Suntisolar, and Gem Africa.

Managing Director and CEO of REA, Abba Aliyu, underlined the significance of the partnerships, noting that previous MoUs were delivering projected results.

“We have catalysed over N100 billion in debt financing from FCMB and secured $20 million in concessional funding from the IFC. These funds are already being accessed by four RESCos to support infrastructure rollout,” he said.

Aliyu stressed that REA’s MoUs go beyond ceremony, noting that the government is using them as mechanisms for solving real challenges.

“For instance, our previous agreement with the Police Trust Fund led to the establishment of smart police stations powered by REA infrastructure across four locations,” he recalled.

Aliyu also highlighted outcomes from other MoUs, including the launch of Nigeria’s first Renewable Energy Testing and Simulation Centre in collaboration with Huawei, and the rollout of the Distributed Renewable Energy Enhancement Fund (DRIP), supported by the World Bank, to strengthen governance and capacity within the sector.

According to him, REA’s Next-Gen RESCO programme has already trained and employed 131 youths in the clean energy space.

In terms of public institutions, REA has secured N100 billion in the 2025 federal budget to expand clean energy infrastructure across government facilities.

In his remarks, Executive Director, Technical, at REA, Umar Umar, described the pacts as a landmark in the country’s energy transition journey.

He added that the agency has deployed over 160 megawatts of green solar capacity, electrified more than 1,650 communities, and powered over 1,000 healthcare centres, reaching six million Nigerians.

The Controller-General of NCoS, Sylvester Nwakuche, praised the REA partnership, describing it as more than infrastructure.

He said the collaboration aligns with broader developmental goals and reflects a commitment to human-centred reforms within correctional facilities.

REA is said to be targeting $500 million in commercial funding across three phases. This plan includes the launch of the Renewable Asset Management Company (RENFO), recently approved by the Minister of Power. RENFO would leverage existing REA assets and private sector expertise to unlock further financing opportunities.