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FCMB, REA Launch N100bn Renewable Energy Fund
The Business NG
|The BusinessNG
In a strategic move to deepen electricity access across Nigeria, First City Monument Bank (FCMB) and the Rural Electrification Agency (REA) have launched a ₦100 billion financing facility aimed at accelerating the deployment of off-grid renewable energy solutions to underserved communities.
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The agreement, signed on Thursday, June 19, 2025, at FCMB's headquarters in Marina, Lagos, marks a milestone in public-private collaboration to unlock sustainable energy investments in Nigeria. The financing will support private sector-led renewable energy projects under the Distributed Access through Renewable Energy Scale-Up (DARES) initiative—a $750 million World Bank-backed programme designed to deliver clean, decentralised power to approximately 2 million households.
The partnership is expected to catalyse further private sector participation and investment in the country's renewable energy space, leveraging President Bola Tinubu's approval of the DARES programme and the policy guidance of the Federal Ministry of Power. DARES aims to supply electricity to 17.5 million Nigerians in off-grid and peri-urban areas over time.
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