In pursuance of its Green Energy Project, the Bank of Industry on Friday in Lagos launched its 1 billion naira solar energy fund to boost its off-grid electricity generation project, Leadership reports.
The fund would be made available to firms partnering with the bank in the development of solar energy services across the country. Speaking at the event, acting managing director of the bank, Waheed Olagunju, explained that the fund is a concessional financing project initiated by the bank as a result of poor cash flow in the rural areas.
The bank according to him, spent about N240 million for six pilot solar projects in the geo-political zones of the country in 2016. According the managing director, Many Nigerians and Nigerian businesses that can afford other alternative energy sources have resorted to the use of electric generators at exorbitant costs.
A robust mix of energy sources combined with an improved end-use efficiency, would be required to meet the country’s energy needs, and this is where the utilization of renewable energy sources come into play” he said. He stressed that it is therefore important to support the provision of sustainable and reliable energy for MSMEs, which is why the bank has decided to provide the Solar Energy Fund to MSMEs.
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