FG unlocks Universal Energy Facility (UEF) grants for Nigerian solar energy companies
The Nigerian Government has encouraged indigenous renewable energy companies using energy-as-a-service or lease-to-own business models to embrace the recently launched Stand-Alone Solar for Productive Use (SSPU) programme of the Universal Energy Facility (UEF).
Vice-President Yemi Osinbajo, in a statement on the sideline of the recently launched Nigeria’s #EnergyTransitionPlan, encouraged local solar companies to take advantage of the financing offered by the UEF managed by Sustainable Energy for all (SEforALL) in Nigeria.
Recall that the Nigeria Energy transition Plan is a home-grown, data-backed, multipronged strategy developed for the achievement of net-zero emissions in terms of the nation’s energy consumption.
The plan sets out a timeline and framework for the reduction of emissions across five key sectors: power, cooking, oil and gas. Transport, and industry.
Nigeria’s energy transition creates significant investment opportunities such as the establishment and expansion of industries.
EnergyDay gathered that the Stand/Alone Solar Productive Use programme was initiated to scale up electricity access for Small Medium Entrepreneurs(SMEs), with the specific aim of supporting sustainable business models.
Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All and Co-Chair of UN-Energy, in a statement said that the new phase of the Universal Energy Facility (UEF) will provide much-needed grant funding to solar companies working to electrify small businesses across Sub-Saharan Africa.
She said, “Results-based finance from the UEF will help renewables companies scale up their efforts in delivering the reliable and affordable power needed for economic growth.”
Ruchi Soni, Programme Manager, Sustainable Energy for All(SEforAll) the financing company in charge of the facility, said, “The facility was also initiated to de-risk investments in solar companies through grant payments to enable solar companies to expand their operations to new market segments.
She noted that the UEF launched the SSPU funding window in Nigeria with a call for Pre-qualification applications.
“Workshops have been organized to help eligible renewable energy companies become familiar with the Universal Energy Facility’s Stand-Alone Solar for Productive Use programme in Nigeria.
She further noted that the deadline for submission of pre-qualification applications which started in August( for five weeks) is scheduled to end on October 4,2022.
EnergyDay further gathered that eligible applicants are expected to be a for-profit company legally registered with established business operations in Nigeria with relevant business/trading license.