UBA sign long-term contract on clean energy

United Bank for Africa has inked a long-term power supply agreement with Renewvia Energy and its local partner, Incremental Energy Solutions Limited, to receive clean energy from Renewvia’s state-of-the-art microgrids at its branches.

According to the agreement, Renewvia will design, finance, own, and operate solar microgrid systems to provide UBA’s branches with a clean, dependable, and affordable power supply, significantly lowering the bank’s carbon footprint and advancing environmental goals while generating sizable financial savings.

Africa’s global bank, UBA is a transnational pan-African financial services organization with its headquarters in Lagos. It has offices in London, Paris, and New York as well as more than 1,000 company locations and consumer touch points. It also has subsidiaries in 20 African nations. Its assets total over $20 billion.

Renewvia said in a statement that it and IES will analyze each site and project on their own and give a roadmap for the energy transition that is tailored to the client’s financial, environmental, and impact goals.

After that, Renewvia will design, construct, finance, own, and run the clean energy infrastructure and give its clients specialized reporting and monitoring tools to track the project’s performance and effects.

“This is a landmark transaction not just for Renewvia, IES, and UBA, but for the African clean energy industry in general that suffers from lack of foreign capital investments,” the Chief Executive Officer, of IES, Oladipupo Omodara, said

Trey Jarrard, CEO of Renewvia, was also quoted as saying, “We remain committed to supporting all of our clients and communities for a better future. This is without a doubt one of the most exciting energy transition mandates Renewvia is undertaking in the USA and Africa to help businesses and communities transition to affordable, cleaner, and resilient energy sources.”

Renewvia is a global developer, owner, and operator of sustainable energy infrastructure situated in Georgia, United States. The company converts towns and businesses to reliable, economical, and clean energy sources, and it presently has more than 100 megawatts of solar and storage projects under development.

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