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BoI disburses N75.8m to off-grid solar companies

The Bank of Industry (BoI) on Friday disbursed N75.8 million to GVE Projects Ltd,, and Arnergy Solar Ltd. to provide solar home systems to off-grid communities in six states.

The states for the pilot phase for the take-off are, Anambra, Delta, Niger, Osun, Kaduna and Gombe. The Managing Director, BoI, Mr Rasheed Olaoluwa, while presenting cheques to the recipients, said the project was being implemented by the bank in collaboration with the United Nations Development Programme (UNDP).

Olaoluwa said that UNDP which has 50 per cent stake in the project had contributed $1.6 billion. He said that the project was divided into the Stand alone, which costs N31.6 million, and the Micro-Grid, which costs N44.2 million, making a total of N75.8 million. Olaoluwa stressed that the project would involve the National Agency for Science and Engineering Infrastructure and local meter manufacturers. He stated that the project would be operated on a Pay As You Go basis without any threat to existing electricity distribution companies.

Source : energymixreport.com/
Posted On: 7/6/2015 12:00:00 AM

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