Barely weeks after signing a landmark N100bn agreement, the partnership between the Rural Electrification Agency and Lotus Bank has begun delivering tangible results, with Ventura Logistics Services securing N7.4bn in financing for renewable energy deployment in Ebonyi State.
The funding—backed by the Distributed Access through Renewable Energy Scale-up Programme (DARES)—marks the first major drawdown from the financing facility established under the Memorandum of Understanding.
According to a statement by the REA, the investment will generate approximately 7 megawatts of renewable energy, expected to impact more than 30,000 households and businesses across multiple communities.
The project will cover key locations including Okposi, Mebiokpa, and Ohaozara in Ohaozara Local Government Area, as well as Ebunwana in Edda LGA. Additional areas include Unwana and Afikpo in Afikpo North, alongside Iboko in Izzi LGA.
Reacting to the development, the Managing Director of the REA, Abba Aliyu, described the milestone as proof of the agency’s commitment to delivering impactful partnerships.
He noted that the project highlights how strategic collaboration can translate into immediate and measurable benefits for Nigerians, particularly in underserved communities.
The REA attributed the swift onboarding of Ventura Logistics to the structured design of the DARES framework, which adopts a performance-based grant model. This system ensures transparency and accountability, giving financial institutions the confidence to invest in renewable energy initiatives.
“The performance-based model provides the transparency and confidence in outcomes that commercial lenders require to commit capital to the renewable sector,” the agency stated.
The development signals growing momentum in Nigeria’s push toward sustainable energy solutions, with public-private partnerships playing a central role in expanding electricity access nationwide.
