The Rural Electrification Agency (REA) and Lotus Bank have taken a significant step toward expanding access to clean energy in Nigeria, announcing plans to establish a dedicated renewable energy financing facility under the Distributed Access through Renewable Energy Scale-up (DARES) programme.
The decision followed a high-level strategic meeting held on Wednesday, marking a shift in the partnership from ad hoc, project-based financing to a structured, large-scale funding framework aimed at accelerating energy access nationwide.
Lotus Bank has previously supported individual renewable energy projects under DARES. However, the new arrangement will see the bank create its own standalone DARES financing facility, designed to provide more predictable and scalable capital for developers operating in underserved and unserved communities.
During the engagement, REA Managing Director, Dr Abba Aliyu, challenged the bank’s leadership to demonstrate ambition by setting a clear global funding target for the facility. He emphasized the importance of strong internal financing standards and a facility design that enables developers to scale rapidly.
“This level of intentionality is what the sector needs to move beyond pilots and deliver impact at scale,” Aliyu said.
The evolving partnership reflects a broader shift within Nigeria’s financial sector, as commercial banks increasingly recognize renewable energy as a viable, bankable investment opportunity rather than solely a development intervention.
Both institutions are now working toward the signing of a formal Memorandum of Understanding (MoU) to institutionalize the partnership. Once finalized, the agreement is expected to unlock structured capital that will accelerate the deployment of clean, reliable energy solutions across the country.
REA expressed confidence that the collaboration with Lotus Bank could serve as a blueprint for other commercial lenders, helping to mobilize private-sector investment at the scale required to close Nigeria’s persistent energy access gap.
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