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REA, Anfani Energy Partner on $1.1bn Renewable Energy Projects

Kehinde Fajobi

The Rural Electrification Agency (REA) has signed an MoU with Anfani Energy Limited to drive funding and technological innovation for 1,500MW of renewable energy projects over the next three years.

The Federal Government has allocated $750 million to help attract $1.1 billion from private investors to support these projects.

At the signing in Abuja, Anfani’s Managing Director, Ishaq Bolarinwa Anfani, expressed the firm’s commitment to enhancing affordable and accessible renewable energy across Nigeria and sub-Saharan Africa.

“We bridge the affordability and accessibility gap for renewable energy solutions,” he said.

Describing the partnership, Anfani added, “It is about igniting dreams, empowering communities, and catalysing growth from the ground up… Catalytic financing is one aspect we want to source.”

Anfani highlighted the firm’s emphasis on tailored technological solutions, stating, “We don’t just build technology for communities; instead, we assess what the communities need and develop technology to suit them.”

REA’s Nigerian Electrification Project (NEP) Head, Olufemi Akinyelure, elaborated on the agency’s strategy to scale up energy access, particularly in off-grid rural areas, through the Renewable Energy Service Companies (RESCO) model.

“The RESCO model plays a crucial role in off-grid electrification projects, specifically through public-private partnerships,” Akinyelure said, explaining that these efforts are central to bringing sustainable, affordable energy to underserved communities.

Akinyelure added that, following the 2023 Electricity Act which grants states autonomy over their electricity markets, REA is collaborating with state governments and RESCOs to streamline project development processes.

Highlighting the importance of public-private partnerships, he said these initiatives combine private investment and expertise with REA’s policy support, financing, and oversight for sustainable energy solutions.

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