REA, Oando Sign Deal to Boost Renewable Energy Access

 REA, Oando Sign Deal to Boost Renewable Energy Access

The Rural Electrification Agency (REA) has signed a Memorandum of Understanding (MoU) with Oando Clean Energy Limited (OCEL) at the corporate headquarters of the Agency on Tuesday, June 13, 2023.

According to the energy agency, the MoU signing aims to boost collaboration between the private sector and government agencies towards the deployment of sustainable renewable energy access across the country. This signing is a result of the success of the recently held Solar Power Naija (SPN) investor matchmaking event.

As the Agency continues to play a key role in the nation’s off-grid, renewable energy space, it has maintained a strong history of drawing in private sector investment, facilitating inter-sectoral collaboration and ultimately, aiding the implementation and delivery of fit-for-purpose off-grid solutions nationwide.

A key player in the energy space, the Oando brand activated its clean energy subsidiary, OCEL in 2021. The REA – Oando collaboration marks the beginning of another timely and strategic partnership targeted at exploring new approaches to clean energy development for socio-economic impact in post-subsidy Nigeria.

Speaking at the MoU signing, Ahmad Salihijo, Managing Director/CEO of the REA said that one of the best ways to mitigate the effects of subsidy removal in Nigeria is through the exploitation of opportunities to optimize the critical role of renewable energy.

He further expressed his delight about the REA – Oando partnership, saying that “it will bring about mutually beneficial collaboration, knowledge exchange and experiences all targeted at achieving the common goal of optimizing renewable energy.

Ahmad added that “the REA has a history of ensuring whatever kind of financing is available to the Agency, there are programmes and initiatives the REA implements that can be used to deliver impact across the nation.”

While commending the REA for its approach on understanding and leveraging the role of the private sector players to deliver on the task on sustainable energy access across the country, Ainojie Irune, President and CEO of Oando Clean Energy Limited, stated that “Oando is keen on renewable energy and are excited for this opportunity to create value that the country needs.

He expressed his confidence on the collaboration with REA, while explaining that “what the REA has effectively done is to take the bull by the horn and derisk investment opportunities.

“I wouldn’t be signing this MoU today if there wasn’t the enabling environment provided by the REA. I commend the REA on their approaches, programmes and achievements over the years. These approaches are sustainable.”

Meanwhile, Barka Sajou, Executive Director, Technical Services at the REA, said that delivering on sustainable energy access across the nation must go beyond just connections and rather serve as an enabler of growth in communities, while targeting electrification projects to people’s sources of livelihood.

The Head of Solar Power Naija Programme, Barbara Izilein explained that the Agency continues to deepen private sector engagements, targeted at drawing in funding, sustainably while expanding access across the nation.

Barbara stated that “the intention for this collaboration is to encourage private sector investment to deploy sustainable renewable energy projects across the country. We are trying to grow the funding of the Solar Power Naija to and this MoU signing will support the expansion targets of the REA in providing energy access to communities.”

The repositioned REA has, over the years, strengthened ties with key stakeholders in the private sector and the development space. Beyond that, the Agency has realigned itself with the state governments through the Nigeria Governors Forum. In line with the mandate of the REA, the state governments continue to play a pivotal role in the Agency’s consistent deployment of people-centred electrification projects.

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