REA, Lotus Bank’s N100b partnership delivers first project in Ebonyi

The partnership between Rural Electrification Agency (REA) and Lotus Bank has started translating into tangible infrastructural development as the first project under the agreement valued at N7.4 billion comes on stream in Ebonyi State.

Ventura Logistics Services has secured N7.4 billion in financing under the REA-Lotus partnership to deploy renewable energy infrastructure across eight key sites in Ebonyi State.

The funding, backed by the Distributed Access through Renewable Energy Scale-up (DARES) Programme’s Performance-Based Grant (PBG) framework, marked the first major drawdown from the Lotus Bank facility.

Lotus Bank and REA had in January 2026 signed a landmark N100 billion Memorandum of Understanding (MoU) as part of high-level efforts aimed at deepening financing for energy access across Nigeria.

The MoU followed series of meetings between the bank and REA where the institutions decided to scale up financing from project-based support to a large-scale, dedicated financial framework.

The Ebonyi State project would deliver approximately 7 megawatts (MW) of renewable power, a move projected to transform the socio-economic landscape for over 30,000 households and businesses.

The deployment will reach across the communities of Okposi, Mebiokpa, and Ohaozara within the Ohaozara Local Government Area, extending to Ebunwana in Edda Local Government Area.

The project will also cover Unwana and Afikpo in Afikpo North, as well as Iboko in the Izzi Local Government Area.

Managing Director, Rural Electrification Agency (REA), Abba Aliyu, said with the quick commencement of the implementation, the agency has shown its commitment to actively translate partnerships into real and tangible results for Nigerians.

He said the Ebonyi project stands as a prime example of how strategic alignment can yield immediate benefits for the public.

According to him, the rapid onboarding of Ventura Logistics is also due to the disciplined structure of the DARES framework.

He noted that by utilising a performance-based model, the programme provides the transparency and confidence in outcomes that commercial lenders like Lotus Bank require to commit capital to the renewable sector.

Aliyu had earlier said REA was optimistic that the Lotus Bank’s collaboration would serve as a model for other commercial banks, building the necessary momentum to bridge Nigeria’s energy deficit through sustainable, private-sector-led investment.

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The shift reflected a growing trend among forward-thinking Nigerian financial institutions that are increasingly viewing renewable energy as a bankable and commercially viable sector rather than strictly a social good.