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Wednesday, July 6, 2022

Access Bank funds Lagos Business School’s energy transition project

Access Bank Plc has partnered the Lagos Business School (LBS) to fund the school’s 350KW and 152KWh hybrid power solutions project through its Sustainable Use of Natural Resources and Energy Finance (SUNREF) facility.

Hybrid power plant
Hybrid power plant

This is contained in a statement by Mr Amaechi Okobi, the bank’s Group Head, Communications & External Affairs, on Wednesday, June 1, 2022, in Lagos.

SUNREF is a green energy facility availed to Access Bank by the Agence Française de Développement (AFD) to support Nigeria’s journey toward carbon emissions’ reduction and a cleaner environment.

The facility dynamics match the financing organised by the bank, with renewable power expertise from the AFD through their Technical Partner, Winrock.

The bank in the statement said it was committed to environmental preservation through its sustainability mission.

The statement added that the bank would continue to demonstrate this commitment through the expansion of its green risk asset portfolio.

It said that the LBS financing which was packaged by the bank’s Business Banking Division and the Project & Structured Finance team would be the first utilisation of its SUNREF facility.

The statement quoted the bank’s Managing Director, Mr Roosevelt Ogbonna, as saying that the LBS project was the beginning of many such projects to be supported by the bank.

“Our bank believes in projects with sustainable and impact value, and the LBS project is only the beginning of many such projects the bank will support using the SUNREF facility,” Ogbonna said.

The bank’s Group Head of Project & Structured Finance, Mr Gavin Greenway, was also quoted by the statement as saying that the LBS was the first beneficiary.

“It’s fitting that a citadel of learning like the LBS is the first confirmed beneficiary of the SUNREF facility.

“This means the energy transition gospel becomes even more compelling given the practical reference it has on its own premises.

“Students will see the solar canopy whenever they look up. This will send a powerful message to the next generation of how we must power our future.

“Whilst Africa is a negligible CO2 emitter globally, its resolve to go green will signal to the world how seriously it takes responsibility for its own emissions.

“We see SUNREF as just the opening phase of a larger, pan-African master plan from Access Bank,” Greenway said.

The SUNREF facility is available and can be obtained by applying through the SUNREF website.

By Mercy Omoike

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