UBA enters into contract with Renewvia on clean energy
By Felicia Nwosu
In a bid to provide uninterrupted service, increase productivity and customer loyalty, Pan African financial services group, United Bank for Africa (UBA) has entered into a long-term power-supply contract with Renewvia Energy and its local partner, Incremental Energy Solutions Limited, to supply their branches with clean energy generated from Renewvia’s cutting-edge microgrids.
Renewvia, in partnership with Incremental Energy Solutions Limited, would analyse each site and project independently, while providing an energy transition roadmap that is customised to the client’s financial, environmental and impact goals.
As part of its provision, the contract stipulates that Renewvia will design, finance, own and operate solar microgrid systems to deliver clean, resilient, and affordable power supply to UBA’s branches, substantially reducing the bank’s carbon footprint and advancing environmental goals while generating significant financial savings. It will also include the provision of unique reporting and monitoring tools to its clients to track the performance and impact of the project.
Commenting on the strategic engagement, Oladipupo Omodara, the Chief Executive Officer, IES, pointed out that it will go a long way in tackling some of the challenges encountered in sorting for clean energy in the continent.
“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,” he said.
Also, his counterpart from Renewvia, Trey Jarrard, the CEO of Renewvia, said: “This is definitely one of 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, we remain committed to supporting all our clients and communities for a better future.”
UBA is a multinational pan-African financial services group headquartered in Lagos and known as Africa’s global bank. It operates over 1,000 business offices and customer touch-points, and has subsidiaries in 20 African countries and offices in London, Paris and New York. It has over $20bn in assets.
UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
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