Odyssey Energy Solutions, REAN Sign $100m Deal For Equipment Financing
FROM IKHILI EBALU, BENIN CITY
The Renewable Energy Association of Nigeria (REAN) and Odyssey Energy Solutions, an end-to-end distributed energy technology platform
have signed a Memorandum of Understanding (MoU) whereby they will make solar equipment procurement easier, cheaper and efficient for solar companies operating in Nigeria.
The Renewable Energy Association of Nigeria (REAN) is an independent, non-proﬁt industry association founded by stakeholders within Nigeria’s Renewable Energy (RE) sector.
The deal will enable REAN members benefit from $100m for equipment finance with very favourable terms. The benefit derivable from the deal include a small down payment and a 60 day window for the solar companies to pay up the balance once the equipment has arrived in Nigeria.
REAN with support from the German-Nigerian Hydrogen Office and the Foundation for Partnership Initiatives in the Niger Delta (PIND) organised an Energy Access Roadshow program themed ‘Driving Energy Transition through Renewable Energy’ on Tuesday in Benin City, Edo State.
As one of the fastest-growing economies in Africa, Nigeria has a significant demand for renewable energy solutions. However, many solar companies face significant challenges when it comes to sourcing equipment and materials, including long lead times, high costs, and lack of access to quality products. The partnership between Odyssey Energy Solutions and REAN aims to address these challenges by streamlining the procurement process and providing better access to high-quality solar products for REAN members.
Under the agreement, Odyssey Energy Solutions and REAN will streamline equipment
procurement for REAN members by helping them access financing, better payment terms and supply chain support.
The details about the agreement between Odyssey Energy Solutions and REAN was officially announced at the REAN Town Hall Meeting, which took place after the road show on Tuesday, May 16th, 2023, in Benin City, the Edo State capital.
The epoch event which also held virtually brought together key players in the renewable energy sector in Nigeria to discuss the latest trends, opportunities, and challenges facing the industry.
Commenting on the agreement, Justin Tinsey, VP of Procurement Solutions at Odyssey, said, “We are delighted to be partnering with REAN to help improve the efficiency and cost effectiveness of solar equipment procurement in Nigeria.
“Our combined expertise and resources will enable us to provide better solutions to solar companies in Nigeria, helping them to grow their businesses and contribute to the development of a sustainable energy future for the country.”
REAN President, Ayo Ademilua, also expressed his enthusiasm for the agreement, stating that “REAN is committed to supporting the growth and development of the renewable energy sector in Nigeria, and this partnership with Odyssey Energy Solutions is an important step in that direction. We look forward to working together to provide better access to quality solar products and solutions for our members.”
With the official announcement of this partnership agreement, Odyssey Energy Solutions and REAN are poised to make a significant impact on the solar energy industry in Nigeria, by making it easier, faster and cheaper to procure high-quality solar products.
The Energy Access Roadshow is a program that aims to engage renewable energy stakeholders in the 36 states of the federation. Starting with the Niger Delta region, the roadshow focuses on promoting the transition to clean energy sources across Nigeria through awareness creation, and capacity building of SMEs by equipping them with information and guidance to facilitate business growth, leading to decentralization and a nationwide spread of Renewable Energy (RE) developers and users.
Participants at the roadshow included Foundation for Partnership Initiatives in the Niger Delta(PIND), GIZ, German-Nigerian Hydrogen Office and NGOs.