June 22, 2024

Chapel Hill Denham, REA sign MoU, unlock financing options for off-grid electrification projects in Nigeria

 

Oredola Adeola

 

Chapel Hill Denham, independent investment banking and securities trading firm, has signed a Memorandum of Understanding (MoU) with the Rural Electrification Agency (REA) to drive the adoption of solar power in Nigeria.

 

 

The collaboration between Chapel Hill Denham and REA was signed at an investor matchmaking event held in partnership with the Power Africa Nigeria Power Sector Programme (PA-NPSP, USAID).

 

 

EnergyDay gathered that the objective of the MoU and partnership was to facilitate the financing for off-grid electrification projects in Nigeria.

 

The investor matchmaking event provided a platform for potential investors to showcase their financial offerings to developers, outlining selection criteria and key terms.

 

 

Mr. Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham, expressed his delight about the collaboration, saying that it perfectly aligns with the company’s commitment to driving transformative solutions that positively impact the lives of Nigerians.

 

 

He also emphasised the dedication of his organisation to delivering sustainable solar power projects that contribute to Nigeria’s economic growth and social well-being.

 

 

He  said, “Together, we will work tirelessly to deliver sustainable solar power projects that contribute to the economic growth and social well-being of the nation,” Balogun said.

 

 

REA in a statement revealed that the partnership was part of Nigeria’s quest to expand solar power access and accelerate economic development.

 

 

The statement said that the joint efforts aim to make significant strides toward achieving Nigeria’s energy access goals and driving positive change in the country’s power sector.

 

 

EnergyDay checks showed that Chapel Hill Denham has played a pivotal role in financing and supporting projects in the renewable energy sector, particularly through various financing solutions for off-grid developers.

 

 

Through the intervention, the firm has been recognized as one of the top 20 financiers of mini-grid developers worldwide by the Energy Sector Management Assistance Programme (ESMAP) of the World Bank.

 

 

Further revelations showed that Chapel Hill Denham has actively funded infrastructure projects that promote climate resilience and sustainable development, leading approximately 80 percent of green bond issuances in Nigeria.

 

On its part, REA has deployed the Solar Power Naija programme, a critical component of Nigeria’s Economic Sustainability Plan (ESP), to provide five million new solar connections in off-grid communities.

 

 

That initiative, it was revealed was expected to generate an annual increase of N7 billion in tax revenues and contribute $10 million towards import substitution.