The federal government has approved the establishment of N500 million Renewable Asset Management Company targeted at raising N1 trillion for intervention in the industry in the absence of loans and grants.
Rural Electrification Agency (REA) Managing Director, Abba Aliyu, broke the news at the Renewable Energy Service Company (RESCO) Collaborative Agreement Signing Ceremony in Abuja.
10 companies signed the agreements for the development of different capacities of renewable projects.
He said: “And to ensure the sustainability of all these interventions, the Rural Electrification Agency has secured the approval for the establishment of Renewable Asset Management Company.
“A company that will warehouse on its balance sheet all the mega assets, infrastructure that will be deployed at the universities, close to N500 million worth of assets.
“This company will warehouse these assets and will leverage on the assets to raise close to N1 trillion so that we will continue to intervene even if there is no availability of loans and grants.”
With the company, he said Nigeria will be standing on its own to continue to drive electricity access and infrastructure in the next many years to come.
