Access Bank Launches Solar Energy Funding Plan, Mention Those to Benefit
- Access Bank Plc has launched a solar energy funding plan to promote sustainable energy sources
- The project's goal is to assist them in reducing their expensive dependency on fossil fuels
- Access Bank's top risk officer Healthcare companies are eligible to receive up to N200 million
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A solar energy finance strategy has been introduced by Access Bank Plc to support sustainable energy supply in Nigeria's healthcare industry.
Source: Getty Images
The "Solar for Health" project aims to help them move away from their costly reliance on fossil fuels, by offering hospitals, labs, and other healthcare facilities reasonably priced financing options for the installation of energy-efficient solar solutions.
Gregory Jobome, executive director and chief risk officer of Access Bank, made this statement during the "Solar for Health Breakfast launch" event in Lagos.
To investigate sustainable options for the future, the event gathered together important healthcare stakeholders and medical professionals.
Additionally, the Bank and the Renewable Energy and Energy Efficiency Associations Alliance (REEEA-A) inked a Memorandum of Understanding (MoU) to work together to advance renewable energy projects and reach net-zero emissions.
According to him, companies in the healthcare industry can obtain up to N200 million, which will be paid over 48 months (four years), to power their facilities using solar energy.
Jobome claims that because Nigeria's healthcare industry is already struggling with several financial issues, it is critical to offer financing options that lessen the energy burden.
“The solution we are offering allows medical facilities to adopt clean energy without bearing the heavy upfront costs. Over time, the savings from switching to solar will exceed what is paid on the loan.”
Beyond funding, Jobome underlined the necessity of fortifying the connection between Nigeria's health and energy sectors, pointing out that the project would enhance patient outcomes and service delivery while adhering to environmental rules and the Sustainable Development Goals (SDGs).
He highlighted,
“Access Bank’s collaboration with the Renewable Energy and Energy Efficiency Associations Alliance (REEEA-A). The financing framework forms part of the bank’s broader Sustainable Finance Accelerator Programme, aimed at driving renewable energy adoption in critical sectors of the economy.”
Source: Getty Images
Professor Magnus Onuoha, president of the Renewable Energy and Energy Efficiency Associations Alliance, praised Access Bank for the initiative and emphasized that the project's success depended on the calibre of installations and the application of regulations in Nigeria's renewable energy sector.
“Many installations fail because they are handled by unqualified technicians using inferior materials. If we are going to achieve scale, we need to develop capacity and enforce standards across the sector,” Onuoha said.
Nonetheless, he recognized that the government has made great strides in formulating regulations and upholding a favourable business climate, which has increased investor trust in Nigeria's renewable energy sector.
Experts on benefits of using solar
Legit.ng reported that After the increase in electricity tariffs in Nigeria, many people are seeking cheaper ways of generating electricity for home and office use.
Electricity consumers who fall under the Band A group are currently paying more for electricity. Some people have switched to solar. But what are the benefits of installing solar electricity in an office?
Solar panels generate electricity directly, reducing reliance on the grid. This leads to substantial savings on monthly electricity bills. Solar energy provides a long-term hedge against fluctuating electricity prices, ensuring predictable energy expenses.
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Source: Legit.ng
