Association signs $100m deal to promote renewable energy
The Renewable Energy Association of Nigeria (REAN) has signed an agreement with Odyssey Energy Solutions 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 Mr Ayo Ademilua, President of REAN and made available on Saturday, May 20, 2023, in Abuja.
According to him, the organisations will make $100 million of equipment finance available to REAN members in very favourable terms.
This only requires a small down payment for equipment with a 60-day window for solar companies to pay the balance once equipment has arrived in Nigeria.
Ademilua also expressed enthusiasm over the agreement, stating that REAN was committed to supporting the growth and development of the renewable energy sector in Nigeria.
“We believe that this partnership with Odyssey Energy Solutions is an important step in that direction.
“We are poised to make a significant impact on the solar energy industry in Nigeria, by making it easier, faster and cheaper to procure high-quality solar products.
“We look forward to working together to provide better access to quality solar products and solutions for our members,” Ademilua said.
Mr Justin Tinsey, Vice President of Procurement Solutions at Odyssey, said partnering with REAN would 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.
“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.
He said under the agreement, Odyssey Energy Solutions and REAN would streamline equipment procurement for REAN members by helping them access financing, better payment terms and supply chain support.