ZOLA Electric, a distributed renewable energy brand in Africa, has signed a Memorandum of Understanding with Sterling Bank Plc, as part of efforts to deepen the penetration and accessibility of renewable energy in Nigeria.
According to a statement, the MoU provides an opportunity for more Nigerians to enjoy reliable power supply with ZOLA’s power solutions via loans from the bank.
The Chief Executive Officer, ZOLA Electric, Bill Lenihan, said the company was excited about the signing of the MoU, describing it as a significant step in the right direction.
Lenihan noted that the energy access crisis confronting Nigeria had seriously stalled economic growth, resulted in health hazard as well as climatic challenges to the environment.
The Managing Director, ZOLA Electric Nigeria, Abdallah Khamis, said the company had successfully delivered clean, affordable and reliable power solutions across Africa with success stories in Tanzania, Rwanda, Côte d’Ivoire, and Ghana.
He said, “We are delighted to bring our clean, affordable and reliable power solutions to Nigerian homes, businesses and organisations. And while financing has been identified as one of the key limitations for consumers to acquire renewable power solutions, we can now offer through this MoU with Sterling Bank product financing to interested customers.