The Rural Electrification Agency (REA), on behalf of the federal government, has entered into a partnership with the Rocky Mountain Institute (RMI) to cut down the cost of power generation through mini power grids across the country by over 60%.
The Vanguard reported that the pair said the project would focus on addressing issues such as system costs, demand stimulation and enabling policy.
They noted that the project, which is a multibillion-dollar revenue opportunity, would create sustainable energy for hundreds of millions of people and would also combine the power of global supply chains with local market entrepreneurs and communities.
Rocky Mountain Institute (RMI) @RockyMtnInst and the Rural Electrification Agency (REA) kicked off a three-day minigrid charrette yesterday that brings together leading global stakeholders and investors to create a roadmap that’s both actionable and scalable. #MiniGrids
— REA Nigeria (@realREANigeria) March 7, 2018
Commenting on the project, managing director of REA, Damilola Ogunbiyi said, “The aim of Rural Electrification Agency is to roll out 10,000 minigrids rapidly to support underserved communities in Nigeria and with the current regulatory landscape, Nigeria is the best market to do minigrids.”
Also speaking, Chief Executive Officer, Rocky Mountain Institute, Jules Kortenhorst said: “I am positive we have the right people in the room and they will deliver a financially viable solution that will truly be a game changer for the market and more importantly, for the people and communities who will gain access to power for the first time.”