M a r k e t N e w s

Nigeria gets $200m renewable energy loan from Germany

Posted on : Tuesday, 9th December 2014

 Nigeria has received a green loan facility from the German Development Bank (KFW) worth $200 million to develop her small scale renewable energy sector, This Day reports. The loan is aimed at development of renewable energy sources and other energy efficiency projects.

 
This was disclosed by the leader of the German delegation; Renate Von Bodden at a Bi-national Commission’s meeting on energy between both countries in Abuja.
 
Von Bodden equally announced the provision of another facility worth €5 million, which was set aside for technical assistance to Nigeria’s power sector through the same KFW.
 
She explained that with its endowed capacity, the German agency was willing and able to provide the required experience that would be useful to Nigerians in developing her capacities in renewable energy projects.
 
Nebo commended the Germans for the various projects they had undertaken in Nigeria, as well as their support for the Azura project which has reached an advanced stage for fund draw down.
 
He also noted that Germany had approved the 1 megawatt (MW) renewable electricity project for the University of Ibadan after the last Bi-national meeting in Berlin, adding that will also create opportunities for research for better renewable sources of power against the nuisance created by diesel run generators. The success of this project, he said would be a template upon which others would be replicated in universities across the country

Source : energy mix report
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