The creation of the Renewable Asset Management Company has been authorised by the federal government, said the managing director of the Rural Electrification Agency (REA), Abba Aliyu.
According to Aliyu, who was speaking at an event in Abuja on Monday, the Renewable Asset Management Company is trying to generate over N1 trillion in funds, which would be used to support industry intervention in the case that loans and grants are lacking.
“This is something that we want to achieve. To ensure the sustainability of all these interventions, the Rural Electrification Agency has secured the approval for the establishment of Renewable Asset Management Company,” he said.
“A company that will warehouse on its balance sheet all the mega assets, infrastructure that will be deployed at the universities, close to $500 million worth of assets.
“This company will warehouse these assets and will leverage on the assets to raise close to $1 trillion so that we will continue to intervene even if there is no availability of loans and grants.
“The country will be standing on its own to continue to drive electricity access and infrastructure in the next many years to come. So that ramp-up is also something that we have started, and we intend to make sure that it comes to reality before the end of the year.”
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Also, Aliyu said by this time next year, “the first 600 megawatt line will be up and we will be able to begin to supply this local market, not just Nigeria, but also the continent as a whole”.
“It will also be the first, on the African continent, solar modular assembly plant with a recycling line,” he said.
“So we’re building a solar modular assembly plant in Nigeria that will not only roll out solar panels, but also be able to take solar panels that are no longer working, maybe due to age or dysfunction, and recycle them into raw materials that we can then send back to those who use them for different purposes.”
Building infrastructure for energy provision is simply one aspect of it, according to Aliyu; another is making sure the supply chain is integrated into Nigeria.
