Sterling Bank announced it has signed a Memorandum of Understanding (MoU) with Zola Electric, an American renewable energy company, to provide credit facilities for Nigerian businesses and households in need of constant and clean power supply.
Zola Electric will give Nigerians access to renewable energy solutions, while Sterling Bank will finance the process by providing loans to customers for the transactions.
The Chief Executive Officer of Zola Electric, Mr Bill Lenihan said the company has studied the Nigerian electricity market and figured out a way to proffer lasting solution to the country’s electricity needs. During the MoU signing, Lenihan noted that over 2.2 billion people across the world do not have access to reliable power supply.
This is a problem peculiar to Nigeria, where many people live in perpetual darkness due to constant power outages, despite the availability of both fossil, thermal, and renewable energy sources.
According to Lenihan, “our mission is simple, to offer 24-hour clean energy. Today we use our solution to solve power problems across Africa. In Nigeria, we want to solve the problem of those who have access to the grid and unreliable power supply. Average household in Lagos has an average power supply of between four and eight”.
He added that “our solutions are designed and built for purpose to our energy needs and economic situation. Every single home and business is treated in this way. It is autonomous with seamless interoperable integration with solar grid and generations with smart connected technology providing optimisation”.
Sterling Bank will benefit from this deal by earning interest from every loan issued to potential customers of the American energy company.