Luxembourg-based Universal Green Energy Access Programme (UGEAP) and Union Bank of Nigeria have cemented a strategic partnership to foster the growth of the renewable energy market in Nigeria.
The partnership, initially marked by a Memorandum of Understanding (MoU), aims to drive sustainable energy access for households and small to medium-sized businesses across Sub-Saharan Africa, with a primary focus on Nigeria.
UGEAP, a 15-year blended finance facility, is committed to supporting the transition to sustainable energy. The United Nations Green Climate Fund (GCF) has pledged the anchor investment to UGEAP, managed by DWS Investment S.A. On the other hand, Union Bank of Nigeria, established in 1917, brings its extensive experience and a wide array of banking services to this collaboration, boasting over 293 service centers and 937 ATMs across Nigeria, making it a trusted financial partner in the country.
READ : Shock defeats, draws shake up African qualifiers for 2026 FIFA World Cup
With a keen awareness of the critical need for energy in Nigeria and a shared ambition to elevate the proportion of renewable energy in the energy mix, both entities have pinpointed key areas of focus. These include meeting Nigeria’s energy demands, reducing industry and corporate reliance on expensive electrical energy to align with climate targets for CO2 emissions reduction, promoting solar home solutions, and advancing renewable energy production for both off-grid and on-grid corporates, enabling productive use of energy.
In alignment with these objectives, Union Bank and UGEAP commit to collaborating on a joint initiative aimed at mobilizing and deploying USD 500 million in funding and technical assistance over the next five years. This initiative seeks to propel the renewable energy sector, benefit local businesses and communities in Nigeria, and contribute to broader sustainability objectives in Sub-Saharan Africa.
Commenting on the partnership, Mudassir Amray, Managing Director and Chief Executive Officer of Union Bank, expressed pride in the collaboration, stating, “Union Bank of Nigeria is proud to align with UGEAP in this groundbreaking initiative. Our longstanding commitment to fostering growth in Nigeria and UGEAP’s expertise in renewable energy positions us to drive meaningful change.”
Michael Hoelter, Senior Investment Principal of the Sustainable Investments team at DWS, emphasized the potential of renewable energy technology to address local energy needs. He said, “UGEAP aims to multiply its capital contribution with the strength of local partners with a strategic alignment to bring clean energy to households and industrial users. We are glad to welcome Union Bank to the already existing partners in this joint development path.”
