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The Rural Electrification Company (REA) has signed a Memorandum of Understanding (MoU) with Oando Clear Power Restricted (OCEL) to spice up collaboration between the personal sector and authorities businesses in the direction of the deployment of sustainable renewable vitality entry throughout the nation.
The MoU signed on the company headquarters of REA is a results of the success of the just lately held Photo voltaic Energy Naija (SPN) investor matchmaking occasion.
Talking on the MoU signing, Ahmad Salihijo Ahmad, the managing director and CEO of REA mentioned that among the finest methods to mitigate the consequences of subsidy elimination in Nigeria is thru the exploitation of alternatives to optimise the important function of renewable vitality.
He additional expressed his delight concerning the REA and Oando partnership, saying that it’ll result in mutually useful collaboration, data change and experiences all focused at reaching the widespread purpose of optimising renewable vitality.
“The REA has a historical past of guaranteeing no matter form of financing is out there to the REA. There are programmes and initiatives the REA implements that can be utilized to ship influence throughout the nation,” Ahmad mentioned.
As REA continues to play a key function within the nation’s off-grid, renewable vitality area, it has maintained a robust historical past of drawing in personal sector funding, facilitating inter-sectorial collaboration, and in the end, aiding the implementation and supply of fit-for-purpose off-grid options nationwide
In response to an announcement by the company, the REA and Oando collaboration marks the start of one other well timed and strategic partnership focused at exploring new approaches to scrub vitality improvement for socio-economic influence in post-subsidy Nigeria.
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Whereas commending the REA for its strategy to understanding and leveraging the function of the personal sector gamers to ship on the duty of sustainable vitality entry throughout the nation, Alex Irune, the president and CEO of OCEL mentioned that Oando is eager on renewable vitality and are excited for this chance to create worth that the nation wants.
As a key participant within the vitality area, the Oando model activated its clear vitality subsidiary, Oando Clear Power Restricted (OCEL) in 2021.
Irune expressed his confidence within the collaboration with REA whereas explaining that what the company has successfully carried out is to take the bull by the horn and de-risk funding alternatives.
“I might not be signing this MoU immediately if there was not the enabling atmosphere offered by the REA. I commend the REA on their approaches, programmes and achievements through the years. These approaches are sustainable,” he mentioned.
For Barka Sajou, the manager director, of technical companies, REA, delivering sustainable vitality entry throughout the nation should transcend simply connections and reasonably function an enabler of development in communities, whereas focusing on electrification tasks to individuals’s sources of livelihood.
Barbara Izilien, the pinnacle of the Photo voltaic Energy Naija Programme, mentioned that REA continues to deepen personal sector engagements, focused at drawing in funding, sustainably whereas increasing entry throughout the nation.
“The intention for this collaboration is to encourage personal sector funding to deploy sustainable renewable vitality tasks throughout the nation,” she mentioned.
“We try to develop the funding of the Photo voltaic Energy Naija and this MoU signing will help the enlargement targets of the REA in offering vitality entry to communities.”
The repositioned REA has, through the years, strengthened ties with key stakeholders within the personal sector and the event area, the assertion by the company mentioned.
“Past that, the Company has realigned itself with the state governments by means of the Nigeria Governors Discussion board,” it mentioned.
“In keeping with the mandate of the REA, the state governments proceed to play a pivotal function within the Company’s constant deployment of people-centred electrification tasks.”
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