The Sustainable Use of Natural Resources and Energy Finance (SUNREF), a green financing line for businesses developed by the French Development Agency (AFD) has launched a technical assistance facility for the development of green energy projects in Nigeria with a €70 million facility funded by the AFD and the European Union Infrastructure Trust Fund (EU-ITF).
Through this grant, the SUNREF Nigeria programme will provide technical assistance to support the Manufacturers Association of Nigeria (MAN), partner banks – Access Bank and the United Bank for Africa, and companies in Nigeria towards the development of energy efficiency (EE) and renewable energy (RE) projects.
In Nigeria where access to energy is far from universal, limited energy security and rising energy prices will likely continue to challenge the growth of Nigerian businesses in the near future. As a result, increasing the development of green energy is a key condition to a sustainable economic growth by ensuring reliable access to energy as well as enabling businesses and households to seize the opportunities of the ecological transition.
The SUNREF Nigeria programme which is composed of a €60 million ($70 million) low-cost debt financing and a €9.5 million ($11 million) grant facility seeks to improve access to energy through improved access to affordable finance for renewable energy technologies and energy efficient initiatives that will improve lives, increase economic opportunities, and support various sectors such as industry and agriculture.