This was contained in a statement made available to our correspondent by the agency on Sunday.
According to the statement, the agency announced that N7.95bn was released to Havenhill to finance critical equipment for four mini-grid power projects across the three states.
It also disclosed that N1.056bn was disbursed to Faraday & Otstred Limited for mini-grid deployments across three sites in Niger State. According to the agency, the allocations followed earlier financing approvals of N7.4bn for Ventura Logistics Services and N3.2bn for Zanoplus, reflecting growing financial support for renewable energy infrastructure.
The REA explained that the funding was backed by the Distributed Access through Renewable Energy Scale-up Programme’s Performance-Based Grant framework, which stems from a recently signed N100bn Memorandum of Understanding with Lotus Bank.
Commenting on the development, the agency’s Managing Director, Abba Aliyu, described the disbursement as part of a consistent flow of capital into Nigeria’s renewable energy sector.
“What is particularly encouraging here is the consistency; this is not a one-off thing; it is a pattern of capital being deployed, projects moving forward, and confidence in the system continuing to grow,” he said.
“For developers, this means access to the equipment and financing needed to deliver. For communities, it means faster timelines for reliable power. And for the market, it reinforces the point that local financing is stepping up in a significant way,” Aliyu added.
He further stated that the agency remained committed to empowering local companies to deliver electricity solutions nationwide. “This is exactly the kind of energy we hoped to unlock, where Nigerian financial institutions take the lead in powering Nigeria’s renewable infrastructure, backed by strong, performance-based frameworks. We are building momentum, and it is beginning to show,” he said.
Recently, the Rural Electrification Agency said it disbursed N3.2bn to Zanoplus for the deployment of solar mini-grid projects in Bauchi State. The agency noted that the fund was targeted at accelerating electricity access in unserved and underserved communities through decentralised energy solutions.
According to the REA, the disbursement was part of ongoing efforts under the Distributed Access through Renewable Energy Scale-up Programme. “The Rural Electrification Agency has achieved another significant milestone in its mission to close the energy gap in unserved and underserved communities with the successful disbursement of N3.2bn to Zanoplus,” the agency said.
