UBA Plans to Expand Branch Operations Using Solar Energy

The United Bank for Africa, UBA branches in Nigeria will soon be run on solar energy.

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Its energy transition plan follows the long term agreement it signed with Renewvia, which will ensure that the clean energy provider will finance, build, own and operate solar photovoltaic systems to power UBA’s branches in Nigeria.

The partnership also includes Incremental Energy Solutions (IES), Renewvia’s partner in Nigeria, a statement said.

Oladipupo Omodara, The Chief Executive Officer of IES, said: This is a landmark transaction, not only for Renewvia, IES and UBA, but also for the African clean energy sector in general, which has been suffering from a lack of foreign capital investment”.

Through this partnership, UBA wants to reduce its carbon footprint, the statement said, adding that in addition to providing clean energy to businesses, Renewvia finances and installs off-grid solar systems in rural areas.

The company is involved in the implementation of the World Bank supported Nigeria Electrification Project (NEP). As part of the NEP, Renewvia has installed hybrid solar mini-grids in Bayelsa State.

In order to support its investments, the company led by Trey Jarrard has secured $10 million in funding from Claritas Capital, a US-based investment firm, in 2021.