Sterling Bank, the only Nigerian bank with a functional renewable energy practice is making available financing for renewable energy projects for industrial, small business and residential users in Nigeria.
Sources with knowledge about the matter stated that five companies including Abuja based BlueCamel and Elec3city, have signed a memorandum of understanding to provide off-grid power to industrial and residential users respectively.
It was also gathered that Segun Adaju’s Consistent Energy Ltd is also a beneficiary of the project, the other beneficiaries are yet to be confirmed. Some of the beneficiaries confirmed say that they have had discussions with the bank over the matter.
Adaju doubles as the president of Renewable Energy Association of Nigeria (REAN), a trade association of alternative energy entrepreneurs. The challenge of huge upfront costs involved in acquiring solar energy is the strongest discouraging factor for rapid solar energy adoption in the country.