The Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria project has announced the famous Lagos Business School (LBS) as the first beneficiary of the SUNREF Nigeria credit facility.
SUNREF is a project by the French Development Agency (AFD) put in place and targeted at supporting the development of innovative green financing through dedicated credit lines for local financial institutions since 2007.
The project exists in more than 30 countries, as it is part of a broader initiative to promote energy efficiency and renewable energy as well as the sustainable use of natural resources.
SUNREF enjoys financial support from the European Union, while the technical assistance for this project is delivered free of charge and loans offer more attractive conditions.
The Nigerian project said yesterday that the Lagos Business School will be receiving a loan through Access Bank, which is a partner bank of SUNREF Nigeria, at 9% interest with an 8-year repayment period.
The loan includes a 10% investment grant. ‘’Through this loan, the Lagos Business school which is the leading business school in Africa will be embarking on a 350kw solar project that will significantly reduce their soaring operating energy cost as well as cater for 60% of their electricity requirements.’’
SUNREF is a technical assistance facility for the development of green energy projects in Nigeria, with a USD 70 million credit line funded by the AFD and a USD 7 million performance-based investment grant provided by the European Union Infrastructure Trust Fund (EUITF).
The SUNREF initiative is hosted by the Manufacturers Association of Nigeria (MAN), and technical assistance is provided by Winrock International and supports all projects financed through the credit line.
‘’SUNREF Nigeria offers a credit product specifically designed to meet the needs of renewable energy and energy efficiency projects, with low rates and long tenors,’’ said SUNREF Nigeria Team Lead, Mr. Javier Betancourt.
He encouraged organizations in Nigeria to enlist. “The application process is very simple: simply apply on our website. Once the SUNREF Nigeria team finds your project eligible, it is reviewed by either Access Bank or UBA who are our partner banks according to their Credit Risk Review Criteria. The loan application is approved if it meets the criteria,” said Mr. Betancourt.
To apply, visit www.sunrefnigeria.org. Hosted by the Manufacturers Association of Nigeria (MAN) and in partnership with local banks, UBA and Access Bank, SUNREF Nigeria offers the private sector competitive loans and technical assistance for structuring their green investments so they can seize the opportunities of green finance.
SUNREF Nigeria provides technical assistance for private sector stakeholders (companies, households) and banks) and assists them with developing their RE/EE project.