With the hike in the price of petrol and diesel, coupled with an unreliable electricity supply in Nigeria, Chief Executive Officer of Gennex Technologies, Mr. Patrick Ilo, has said the situation presents a positive outlook for solar energy adoption and penetration in the country.
Ilo, made the assertion while speaking to THISDAY, on the sidelines of the 3rd Gennex Colloquium in Lagos, with the theme: 'Steering the Renewable Energy Future: Innovation, Sustainability, Inclusive Growth'.
"This is now the time to embrace solar energy. Now, the price of petrol and diesel are very high, and electricity supply is epileptic. Life is all about alternatives. Once you know that the energy source you are using is becoming more expensive and unaffordable, you move to an alternative. And I think this is the time where critical thinking should come in.
"If your electricity is not reliable or too expensive, you move to other forms like renewable that are cheaper. So, I think renewable energy is the best solution now. You can manage your electricity and this is the time," he stated.
But he pointed out that one of the factors limiting the penetration of solar and other renewable energy sources in the country was limited access to finance for players in the sector.
Noting that the government was already overburdened and cannot solve the funding challenge alone, he advised that the private sector could collaborate and come up with initiatives to tackle the financial problem.
He suggested that the banks should be directed into putting a portion of their money into renewable energy with reasonable payback options, adding that there are some government policies in place to encourage investments into the sector, citing a certain white paper on renewable energy.
Specifically on the funding options available to the players, Ilo mentioned private equity, bank loan, and crowdfunding.
"If four or 10 people in a community pool their funds together, we can get it done. Crowdfunding is key. We can all come together and set up something like a solar farm by using our crowdfunding", he explained.
