The Rural Electrification Agency (REA) said it has successfully disbursed a fresh N3.2 billion to Zanoplus.
This capital injection is earmarked for the rapid deployment of solar mini-grid projects across strategic locations in Bauchi State, marking a robust continuation of the agency's commitment to decentralised energy solutions.
The company noted that this latest disbursement follows closely on the heels of a N7.4 billion disbursement to Ventura Logistics Services for a 7MW mini-grid initiative.
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Both interventions were executed under the Distributed Access through Renewable Energy Scale-up (DARES) Program, a transformative partnership designed to catalyse private-sector participation through support for indigenous financial institutions.
The funding mechanism is rooted in a landmark Memorandum of Understanding signed in February between the REA and Lotus Bank, which established a N100 billion revolving credit facility.
Under this framework, developers can access up to N8 billion in equipment procurement financing with a tenure of 18 months, alongside Lotus Bank, which provides up to 90 per cent counterpart funding for projects approved through result-based financing.
Zanoplus' deployment is set to transform Bauchi State's socio-economic landscape by delivering a combined capacity of over 1.2MWp.
A breakdown showed that the specific allocations included 450 kWp for Gabarin East, 400 kWp for Futuk, 200 kWp for Gangalawai, and 150 kWp for Daburai (Gabarin West). These systems operate as integrated local generation and distribution networks with capacities below 1MW, functioning independently of the national grid to provide reliable, clean energy directly to numerous end-users in isolated regions.
Reflecting on the progress of the DARES Programme, the managing director of the REA, Abba Aliyu, emphasised that the true success of these disbursements lies in the efficiency and integrity of the process.
He noted that the speed and transparency of execution demonstrate the vibrancy of the local financing capacity currently being catalysed by the REA.
According to Aliyu, this momentum demonstrates that a performance-based financing framework can effectively channel capital to credible, ready-to-implement projects that are strictly aligned with delivery milestones.
The MD further highlighted that this consistent flow of capital sends a powerful signal to the global and local investment community that the Nigerian renewable energy market is active and the underlying structures are working.
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He lauded the proactive role of Nigerian financial institutions, which are increasingly transitioning from mere participants to primary drivers of renewable energy infrastructure.
By aligning performance with streamlined financing, the REA and its partners aim to unlock the necessary scale to achieve universal energy access across the federation.
