The Rural Electrification Agency (REA) has signed a memorandum of understanding with five federation government agencies and nine renewable energy service companies for the generation of about 1,000 megawatts of electricity through solar systems.
The agreements were signed with the Nigeria Immigration Service, Nigeria Police Trust Fund, National Agricultural Development Fund, the National Power Training Institute of Nigeria, and nine renewable energy service companies.
The Managing Director/CEO of REA, Abba Aliyu, said the deals would help to address key electricity challenges in the country while providing a seed capital from the $750 million World Bank loan, which is expected to attract $1.1 billion investments from the private sector.
Aliyu explained that with the decentralisation of the power sector and liberalisation of the entire value chain through the Electricity Act 2023, many players are now allowed to operate within the electricity value chain.
“In total, before this event, we have signed five MoUs and today we have signed with the RESCOS nine MoUs.”
