Towards a greener future
AFD's green finance label
SEIZING THE OPPORTUNITIES OF THE ECOLOGICAL TRANSITION
SUNREF Nigeria seeks to improve access to energy through improved access to affordable finance for renewable energy and energy efficiency technologies that will improve lives, increase economic opportunities, and support various sectors such as industry and agriculture. The project is designed to help mitigate climate change, reduce carbon emissions, increase economic opportunities, improve employment and, ultimately, sustain development in Nigeria.
Hosted by the Manufacturers Association of Nigeria (MAN) and in partnership with local banks, UBA and Access Bank, SUNREF Nigeria offers the private sector competitive loans and technical assistance for structuring their green investments so they can seize the opportunities of green finance.
The French Development Agency (AFD) has developed and put in place targeted support to develop innovative green financing through dedicated credit lines for local financial institutions since 2007.
Developed by AFD in more than 30 countries, the Sustainable Use of Natural Resources and Energy Finance (SUNREF) project, is part of a broader initiative to promote energy efficiency and renewable energy as well as the sustainable use of natural resources.
Likewise, thanks to the financial support from the European Union, the technical assistance for this project is delivered free of charge and loans offer more attractive conditions.
What is SUNREF:
Integrated Environmental Finance
SUNREF Nigeria provides Technical assistance for private sector stakeholders (companies, households) and banks) and assists them with developing their RE/EE project.
USD $70 million Credit line
A credit line of USD $70 million (approx. €60 million), has been provided to SUNREF partner banks (Access Bank and UBA) that offer attractive terms (concessional rate loans, long tenors, grace period).
€9.5-million Investment Grant
A €9.5-million Investment Grant is available to make green investments even more attractive. Project sponsors can benefit from a grant of 5% up to 20% of the loan amount upon completion of their project.