Wedoany.com Report-Oct 28, The Rural Electrification Agency (REA) has signed a Memorandum of Understanding (MoU) with Anfani Energy Limited to catalyze funding and technological innovation for the implementation of renewable energy projects in the next three years.

The Federal Government has already provided $750million to attract $1.1billion funding from private investors for the projects.

In his remarks at the MoU signing ceremony in Abuja, the Anfani, Managing Director, Mr. Ishaq Bolarinwa Anfani, said his firm is to bridge the gap of affordability and accessibility for renewable energy solutions.

“We bridge the affordability and accessibility gap for renewable energy solutions in Nigeria and sub-Saharan Africa,” he said.

Explaining his firm’s role in the MoU, he said it is about about the removal of constraints and catalyzing financing for the projects.

“Regarding the MOU, we are treating it as an opportunity free from constraints. Catalytic financing is one aspect we want to source.”

He said the process and project improvement are vital as the stakeholders embark on the project.

He said as the firm focuses on technological innovation, it goes beyond building technology for communities to assessing and providing the suitable technology for them.

“One thing we do is not build technology for communities; instead, we assess what the communities need and develop technology to suit them,” he said.

Meanwhile, Nigerian Electrification Project (NEP), Head, Mr. Olufemi Akinyelure said the REA developed the Renewable Energy Service Companies (RESCOs) strategy as part of its broader efforts to scale up improved energy access, particularly in underserved and off-grid rural areas and ensure sustainability of off-grid projects.

He said the RESCO model plays a crucial role in the deployment and operation of off-grid electrification projects, specifically through public-private partnerships.

The RESCO, according to him, is a central pillar of REA’s off-grid electrification efforts, ensuring that unserved, underserved and rural communities benefit from sustainable, affordable, and scalable renewable energy solutions.

He added that in the light of Electricity Act (2023) giving states autonomy over their electricity market, the REA has initiated collaboration with state governments and RESCO’s to address potential bottlenecks and ensure structured and simplifies processes are in place towards achieving successful and sustainable project development.

Akinyelure revealed that key elements of the RESCOs Strategy Public-Private Partnerships (PPP).

The partnerships, he said, capitalize on the strengths of private investment, technical expertise, and operational capacity, while REA provides critical support through policy frameworks, financing mechanisms, and monitoring oversight.

Continuing, he said, “This collaborative model ensures the long-term success of off-grid electrification projects.