REAN, Odyssey Energy Sign $100M Finance Deal To Accelerate Renewable Energy

The Renewable Energy Association of Nigeria (REAN) and Odyssey Energy Solutions, have signed an agreement to make solar equipment procurement more efficient and cost-effective for solar companies operating in Nigeria.

The association made this known in a statement signed by Ayo Ademilua, president of REAN and made available to the News Agency Of Nigeria (NAN) on Saturday in Abuja.

He said the organisation will make $100 million of equipment finance available to REAN members with very favorable terms.

“This will require a small down payment for equipment and giving a 60-day window for solar companies to pay the balance once equipment has arrived in Nigeria for select equipment.”

In addition, Ademilua said that REAN is committed to supporting the growth and development of the renewable energy sector in Nigeria.

“This partnership with Odyssey Energy Solutions is an important step in that direction. We look forward to working together to provide better access to quality solar products and solutions for our members,” he said.

With the official announcement of this partnership agreement, Odyssey Energy Solutions and REAN are poised to make a significant impact on the solar energy industry in Nigeria.

Justin Tinsey, VP of Procurement Solutions at Odyssey, said partnering with REAN will help improve the efficiency and cost-effectiveness of solar equipment procurement in Nigeria.

“Our combined expertise and resources will enable us to provide better solutions to solar companies in Nigeria, helping them to grow their businesses and contribute to the development of a sustainable energy future for the country.”

He said as one of the fastest-growing economies in Africa, Nigeria has a significant demand for renewable energy solutions.

“However, many solar companies face significant challenges when it comes to sourcing equipment and materials, including long lead times, high costs, and lack of access to quality products.

“The partnership between Odyssey Energy Solutions and REAN aims to address these challenges by streamlining the procurement process and providing better access to high-quality solar products for REAN members,” Tinsey said.

According to him, Odyssey Energy Solutions and REAN would streamline equipment procurement for REAN members by helping them access financing, better payment terms and supply chain support under the agreement.