The Renewable Energy Association of Nigeria (REAN) and Odyssey Energy Solutions, an end-to-end distributed energy technology platform, have signed a memorandum of understanding (MoU) to make solar equipment procurement easier, cheaper and efficient for solar companies operating in Nigeria.
The deal will enable REAN members to benefit from $100 million for equipment finance with very favourable terms.
The benefits derived from the deal include a small down payment and a 60-day window for the solar companies to pay up the balance once the equipment has arrived in Nigeria.
REAN, with support from the German-Nigerian Hydrogen Office and the Foundation for Partnership Initiatives in the Niger Delta (PIND), organised an Energy Access Roadshow programme with the theme, ‘Driving Energy Transition through Renewable Energy’.
As one of the fastest-growing economies in Africa, Nigeria has a significant demand for renewable energy solutions. However, many solar companies face significant challenges when it comes to sourcing equipment and materials, including long lead times, high costs, and lack of access to quality products.
The partnership between Odyssey Energy Solutions and REAN aims to address these challenges by streamlining the procurement process and providing better access to high-quality solar products for REAN members.
Under the agreement, Odyssey Energy Solutions and REAN will streamline equipment procurement for REAN members by helping them access financing, better payment terms and supply chain support.
The epoch event which also held virtually brought together key players in the renewable energy sector in Nigeria to discuss the latest trends, opportunities, and challenges facing the industry.
“We are delighted to be partnering with REAN to help improve the efficiency and cost effectiveness of solar equipment procurement in Nigeria.
“Our combined expertise and resources will enable us to provide better solutions to solar companies in Nigeria, helping them to grow their businesses and contribute to the development of a sustainable energy future for the country,” the VP of Procurement Solutions at Odyssey, Justin Tinsey, said.
REAN President, Ayo Ademilua, also expressed his enthusiasm for the agreement.
“REAN is committed to supporting the growth and development of the renewable energy sector in Nigeria, and this partnership with Odyssey Energy Solutions is an important step in that direction. We look forward to working together to provide better access to quality solar products and solutions for our members,” he said.
Nigerian Anchor reports that REAN is an independent, non-profit industry association founded by stakeholders within Nigeria’s Renewable Energy (RE) sector.
