The Universal Energy Facility (UEF), a results-based financing facility managed by Sustainable Energy for All, has revealed it plans to provide grants to renewable energy companies that applied to have their projects financed as part of the facility’s stand-alone solar for productive use programme in Nigeria.
The CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, Damilola Ogunbiyi notes that the programme in Nigeria will enable the Universal Energy Facility to demonstrate the power that sustainable energy can have on local economic development and climate action as the solar projects supported by the facility will give businesses clean and affordable electricity to help them scale up, create jobs, and replace polluting power sources.
The Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo SAN explains that the Universal Energy Facility will provide grant payments to enable solar companies to expand their operations to small and medium-sized enterprises across Nigeria, while crowding-in additional private capital. He adds that projects supported by the Universal Energy Facility will help grow businesses and create jobs, making them key contributors to the Energy Transition Plan.
The Senior Director of the Universal Energy Facility (UEF), Anita Otubu, states that the Universal Energy Facility is proving the effectiveness of results-based finance to catalyse energy development at speed and scale as they are now at the point where grantees have been selected and companies can start building transformative stand-alone solar projects within just a few months of opening the programme in Nigeria.
