Renewvia Energy and its local partner, Incremental Energy Solutions Limited, have signed a long-term power supply contract with United Bank for Africa to supply their branches with clean energy generated from Renewvia’s cutting-edge microgrids.
Under the contract, Renewvia will design, finance, own and operate solar microgrid systems to deliver clean, resilient, and affordable power supply to UBA’s branches, substantially reducing the bank’s carbon footprint and advancing environmental goals while generating significant financial savings.
UBA is a multinational pan-African financial services group headquartered in Lagos and known as Africa’s global bank. It operates over 1,000 business offices and customer touchpoints, and has subsidiaries in 20 African countries and offices in London, Paris and New York. It has over $20bn in assets.
A statement by Renewvia said the firm and IES would analyse each site and project independently, and provide an energy transition roadmap that is customised to the client’s financial, environmental and impact goals.
Renewvia will afterward design, build, finance, own, operate the clean energy infrastructure, and provide unique reporting and monitoring tools to its clients to track the performance and impact of the project.
“This is a landmark transaction not just for Renewvia, IES, and UBA, but for the African clean energy industry in general that suffers from lack of foreign capital investments,” the Chief Executive Officer, IES, Oladipupo Omodara, said
Also speaking, the CEO of Renewvia, Trey Jarrard, was quoted as saying, “This is definitely one of most exciting energy transition mandates Renewvia is undertaking in the USA and Africa to help businesses and communities transition to affordable, cleaner and resilient energy sources, we remain committed to supporting all our clients and communities for a better future”.
Renewvia is a Georgia, United States-based global developer, owner and operator of clean energy infrastructure. The firm transitions businesses and communities into clean, resilient and affordable energy sources, and currently has more than 100megawatts of solar and storage projects in its pipeline.