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Financing opportunities for renewable energy

On 19 September 2021, the First City Monument Bank (FCMB) and GIZ-Nigerian Energy Support Program (NESP) organized a renewable energy webinar on The Switch to Clean Energy – Optimizing your Energy Needs.

According to FCMB, “Nigeria is grappling with an epileptic power situation with half of its entire population of over 200 million living with little or no power. The most hit are the micro, small and medium enterprises (MSMEs) who produce or source for alternative power supply to run their businesses. Available statistics show that erratic power supply results in more than $25 billion in annual losses to the economy, more than 6% of GDP.”

PUTTRU was invited to speak on Leveraging on Partnerships and Opportunities for Finance.  

Our summarized message

PUTTRU’s key messages on the subject are:

  1. Switching to clean energy is good for your business – whether as an end-user or a participant in the supply chain.
  2. For SMEs in the supply chain, PUTTRU’s solutions are designed to connect you with the sort of partnerships and financing needed to realize your clean energy investment initiative.

According to The Sun news publication on 11 March 2021, “Manufacturers Association of Nigeria (MAN) expended about N81.91 billion on alternative energy sources in 2020”[1]. This reflects the ongoing trend of businesses and households in Nigeria generating their own electricity through high costing petrol and buttresses the importance of an energy mix that includes renewables.

Speaking on the ongoing innovation in business models for delivery of alternative energy, we explain how the (clean) energy-as-a-service business model allows MSMEs to access stable electricity and other energy management services without owning the assets.

Furthermore, we layout the processes by which PUTTRU assists SMEs in the alternative energy supply chain to connect with financiers and technical partners.  

Our conclusion is that PUTTRU supports the switch to clean energy in Nigeria by:

  1. Empowering African energy companies to become investment ready.
  2. Connecting African energy companies to financiers.
  3. Creating partnerships to realize energy sector investments.

[1] Sunnewsonline (2021): Manufacturers Association of Nigeria (MAN) expended about N81.91 billion on alternative energy sources in 2020, even as it recorded decline in investment. Available at: https://www.sunnewsonline.com/man-expends-n81-9bn-on-alternative-power/

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