A groundbreaking strategic partnership between the Luxembourg-based Universal Green Energy Access Programme (UGEAP) and Union Bank of Nigeria is set to redefine the renewable energy landscape in Nigeria. This alliance, formalized through a Memorandum of Understanding (MoU), aims to revolutionize sustainable energy access for households and small to medium enterprises across Sub-Saharan Africa, with a primary focus on Nigeria.
UGEAP, a 15-year blended finance facility supported by the United Nations Green Climate Fund (GCF) and managed by DWS Investment S.A., is dedicated to fostering the transition to sustainable energy. The partnership with Union Bank, a venerable Nigerian financial institution established in 1917, leverages the bank’s extensive experience and comprehensive banking services.
Identifying the critical need for energy access in Nigeria, both parties have delineated focal points, including meeting the nation’s energy demands, reducing industry reliance on expensive electrical energy, promoting solar home solutions, mini-grids for newly electrified communities, and boosting both off-grid and on-grid renewable energy production.
Union Bank and UGEAP commit to jointly mobilizing and deploying USD 500 million over the next five years. This strategic initiative aims to bolster Nigeria’s renewable energy sector, benefiting businesses, communities, and advancing broader sustainability goals across Sub-Saharan Africa.
Mudassir Amray, Managing Director and CEO of Union Bank, expressed pride in the collaboration, stating, “Union Bank of Nigeria is proud to align with UGEAP in this groundbreaking initiative. This collaboration marks a milestone in pursuing renewable energy development in Nigeria, promising a more sustainable and resilient future for our communities.”
Michael Hoelter, Senior Investment Principal of DWS’ Sustainable Investments team, highlighted the significance of renewable energy technology in addressing global carbon reduction targets and underlined the efficiency and affordability of solar power in the Nigerian context. He expressed UGEAP’s commitment to amplifying its impact through strategic partnerships, emphasizing the importance of clean energy for households and industries.
Union Bank, known for its extensive network of over 300 branches and a wide array of banking services, and UGEAP’s comprehensive renewable energy financing and technical assistance aim to reshape Nigeria’s energy landscape, propelling the nation toward a greener, more sustainable future.
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About Universal Green Energy Access Programme (UGEAP):
UGEAP, a 15-year blended finance facility supported by the UN Green Climate Fund, aims to facilitate the transition to sustainable energy in Sub-Saharan Africa, providing clean energy access to households and small to medium enterprises. With a focus on renewable energy financing and technical assistance, UGEAP targets various Sub-Saharan African countries, including Nigeria, among others.
The partnership between UGEAP and Union Bank signifies a monumental step toward establishing a more sustainable energy sector in Nigeria and contributing to the broader sustainability goals in the region.