In order to accelerate the deployment of sustainable renewable energy access throughout the nation, the Federal Government and Oando Clean Energy Limited have signed a Memorandum of Understanding.
The government, represented by the Rural Electrification Agency, declared on Monday that the MoU with OCEL was also one of the steps taken to further lessen the negative effects of the elimination of subsidies for Premium Motor Spirit, or gasoline.
In a statement released in Abuja, the REA stated that the organization would continue to play a significant role in the country’s off-grid renewable energy sector by encouraging private sector investment, promoting cross-sectoral cooperation, and supporting the development and delivery of off-grid solutions nationally.
Oando Clean Energy Limited, a subsidiary of the Oando brand, was reportedly activated in 2021, adding that the REA-Oando collaboration was targeted at exploring new approaches to clean energy development for socio-economic impact in post-subsidy Nigeria.
On his part, the President/Chief Executive Officer, OCEL, Alex Irune, said, “Oando is keen on renewable energy and is excited for this opportunity to create value that the country needs.
“He expressed his confidence in the collaboration with REA, while explaining that “what the REA has effectively done is to take the bull by the horn and derisked investment opportunities.