Solar Electrification: LBS Secures SUNREFNigeria’s N140m Credit Facility

Gilbert Ekugbe

The Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria has announced that the Lagos Business School (LBS) has signed a N140 million credit facility to embark on a 350kw solar project to reduce their soaring operating cost.

The move according to SUNREFNigeria is also part of its commitment to contribute its quota to reducing carbon footprint in the country.

In a statement issued to THISDAY, the Lagos Business School (LBS) is the first beneficiary of the SUNREFNigeria credit facility.

The statement added that LBS will be receiving a loan through Access Bank, which is a partner bank of SUNREF Nigeria, at 9 per cent interest with an 8-year repayment period. The loan includes a 10 per cent investment grant.

“Through this loan, the Lagos Business school which is the leading business school in Africa will be embarking on a 350KW solar project that will significantly reduce their soaring operating energy cost as well as cater for 60 per cent of their electricity requirements,” the report added.