Access Bank Plc has introduced the ‘Solar for Health’ initiative, a strategic solar energy financing model aimed at providing sustainable and cost-effective energy solutions for Nigeria’s healthcare sector.
Announced at the Solar for Health Breakfast Launch in Lagos, the initiative enables medical facilities to transition from expensive fossil fuels to efficient solar power systems, ensuring uninterrupted electricity supply while reducing operational costs.
Gregory Jobome, Executive Director and Chief Risk Officer of Access Bank, emphasized the pressing need for sustainable energy solutions in Nigeria’s healthcare sector. He noted that high energy costs are a significant burden, and this financing model allows hospitals and clinics to adopt clean energy without hefty upfront investments. Over time, the savings from solar power are expected to surpass the loan repayments.
To drive the initiative’s success, Access Bank signed a Memorandum of Understanding (MoU) with the Renewable Energy and Energy Efficiency Associations Alliance (REEEA-A). This partnership aims to accelerate the adoption of renewable energy in critical sectors, reinforcing the bank’s commitment to achieving net-zero emissions through its Sustainable Finance Accelerator Programme.
Read also: Access Bank Champions Africa’s Green Economy with Sustainable Finance Initiatives
Professor Magnus Onuoha, President of REEEA-A, praised Access Bank’s leadership in sustainable finance but stressed the need for quality assurance in solar installations. He highlighted that many projects fail due to substandard materials and unqualified technicians. To scale effectively, developing industry capacity and enforcing regulatory standards are essential.
Beyond financing, Access Bank’s Solar for Health initiative aligns with global Sustainable Development Goals (SDGs) by enhancing healthcare service delivery, reducing carbon emissions, and improving overall patient outcomes.
With Nigeria making strides in renewable energy policies and growing investor confidence, this initiative marks a significant step toward a cleaner, more efficient healthcare system.
