One of the leading banks in Nigeria, the United Bank of Africa (UBA) has partnered with Renewvia Energy to transit to clean energy.
The partnership will avail UBA branches to start using solar power as a source of energy, Renewvia Energy disclosed this in a statement on Wednesday.
Investors King gathered that Renewvia Energy will supply UBA with clean energy generated from the company’s cutting-edge microgrids. The agreement is one of the very few by a commercial bank in Nigeria as the country is repositioning for energy transition.
In line with the agreement, Renewvia will design, finance, own and operate solar microgrid systems to deliver clean, resilient, and affordable power supply to UBA’s branches, substantially reducing the bank’s carbon footprint and advancing environmental goals while generating significant financial savings.
The statement noted that Renewvia Energy, which is a United State based company, will execute the project with its local partner Incremental Energy Solutions Limited (IES).
According to the statement, Renewvia Energy transitions businesses & communities into clean, resilient and affordable energy sources and currently has more than 100MW of solar and storage projects in its pipeline.
On the other hand, Incremental Energy Solutions Limited (IES) is Lagos, Nigeria-based professional energy services and projects consulting firm tailored to help Africa discover the right position for her energy sector and occupy their space in global renewable energy investment.
Speaking on the development, IES’s Chief Executive Officer, Oladipupo Omodara noted that the deal is a milestone achievement for Africa as it relates to clean energy.
“This is a landmark transaction not just for Renewvia, IES, and UBA, but for the African clean energy industry in general that suffers from lack of foreign capital investments,” he said.
Headquartered in Lagos, UBA is a multinational pan-African financial services group known as Africa’s global bank. It operates over 1,000 business offices and customer touch-points and has subsidiaries in 20 African countries and offices in London, Paris and New York. It has over $20bn in assets.