solar panelA German development bank has offered to provide $40 million (N6.3bn) credit facility to Nigerian small and medium scale enterprises for renewable energy development.

Timothy Oyedeji, Ministry of Power’s Deputy Director of Press, disclosed this in Abuja at the weekend after a meeting between the federal government and officials of Germany’s KfW development bank.

Oyedeji said both countries discussed the proposal for the $40m credit facility which when approved would provide additional funds for the sector.

This, he said, is aimed at promoting the development of renewable energy and energy efficiency in the country.

He said with the handing over of assets of successor PHCN companies to private owners, the ministry is now shifting from conventional electricity supply to initiating renewable and sustainable energy that would be targeted at achieving rural electrification objectives of the government.

He quoted officials of KfW of Germany of assuring the FG of continued support for Power Sector Reform through the provision of more credit.

 

[Daily Trust]

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