Access Bank Plc has introduced a solar financing model for Nigeria’s health sector, providing hospitals, laboratories, and medical facilities with affordable loans to transition to sustainable energy solutions.
Credit: Business.ng
‘Solar for Health’ Initiative: A Sustainable Energy Solution
The ‘Solar for Health’ initiative aims to reduce healthcare facilities’ dependence on costly fossil fuels by offering flexible financing for energy-efficient solar installations. This move aligns with global sustainability efforts and strengthens Nigeria’s healthcare infrastructure.
Speaking at the ‘Solar for Health Breakfast Launch’ in Lagos, Gregory Jobome, Executive Director and Chief Risk Officer of Access Bank, highlighted the significance of the initiative. The event gathered medical professionals and key industry stakeholders to explore the future of renewable energy in healthcare.
Access Bank’s Solar Financing Terms and Strategic Collaboration
As part of its commitment to clean energy adoption, Access Bank has signed a Memorandum of Understanding (MoU) with the Renewable Energy and Energy Efficiency Associations Alliance (REEEA-A). This partnership aims to accelerate renewable energy adoption and support Nigeria’s net-zero emissions target.
Under the financing framework, businesses in the health sector can access up to N200 million in loans to install solar energy solutions. These loans are repayable over 48 months (four years), providing medical facilities with a cost-effective alternative to fossil fuel-powered electricity.
“The solution allows medical facilities to transition to solar energy without the burden of heavy upfront costs. Over time, the savings from switching to solar will outweigh the loan repayments,” Jobome explained.
Strengthening Nigeria’s Energy-Health Sector Nexus
Beyond financial support, Jobome stressed the importance of bridging the gap between Nigeria’s energy and healthcare sectors. By integrating clean energy solutions, the initiative enhances service delivery, patient outcomes, and environmental sustainability while aligning with the Sustainable Development Goals (SDGs).
President of REEEA-A, Professor Magnus Onuoha, commended Access Bank for pioneering the project but emphasized the need for quality installations and regulatory enforcement in Nigeria’s renewable energy space.
“Many solar projects fail due to substandard materials and unqualified technicians. To scale effectively, we must develop capacity and enforce industry standards,” Onuoha said.
Despite these challenges, he acknowledged government progress in policy development, which has helped foster a conducive business environment for renewable energy investment in Nigeria.
A Step Toward a Greener, More Efficient Healthcare System
With Access Bank’s solar financing for Nigeria’s health sector, medical facilities can now transition to clean, reliable energy, reducing operational costs while enhancing healthcare delivery. This initiative signals a major step toward a more resilient, energy-efficient health sector in Nigeria.
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