UBA Solar Power: 25 Branches Go Renewable | 5 States

Strengthening Nigeria-Norway Ties Through Renewable Energy

UBA’s partnership with Renewvia Solar Nigeria isn’t merely an internal sustainability effort; it’s designed to deepen economic and energy cooperation between Nigeria and Norway. The project aligns with global efforts to transition to cleaner energy sources, particularly within the African financial sector, and is supported by Empower New Energy, a Norwegian renewable investment firm, and Incremental Energy Solutions Ltd.

The initial phase of the project is projected to generate approximately 152,000 kilowatt-hours of clean electricity each month, resulting in a reduction of over 89,000 kilograms of carbon dioxide (CO₂) emissions monthly. This positions UBA as a leader in sustainability among Nigerian banks. The long-term agreement, a 10-year Power-as-a-Service (PaaS) contract, will see Renewvia Solar Nigeria install and maintain hybrid solar and battery systems, ensuring a stable power supply for UBA’s operations.

The ambitious rollout doesn’t stop at 25 branches. UBA plans to extend the project to a total of 50 branches spanning 18 states, ultimately achieving a total energy capacity of 3 megawatts-peak (MWp) of solar power and 7 megawatt-hours (MWh) of energy storage. This substantial investment demonstrates a long-term vision for sustainable banking practices.

“At UBA, we believe sustainability is not just a responsibility but a key part of building Africa’s future,” stated Mr. Muyiwa Akinyemi, UBA’s Deputy Managing Director. “This project exemplifies how innovation and partnership can deliver lasting benefits through economic growth, reduced carbon emissions, and improved efficiency.”

A Model for Africa-Nordic Collaboration

Norwegian Ambassador Svein Bæra lauded the UBA-Renewvia Solar partnership as a prime example of successful Africa–Nordic cooperation in the renewable energy space. He emphasized that the initiative showcases the powerful synergy between African ambition and Nordic innovation, driving both sustainable growth and climate responsibility. “It represents not just an energy milestone but a strong statement of shared commitment,” Bæra commented.

Mr. Adebowale Dosunmu, Managing Director of Renewvia Solar Nigeria, highlighted UBA’s leadership in sustainability, noting that the partnership represents a significant milestone in his company’s mission to provide reliable and affordable clean energy to commercial and industrial clients across Nigeria. Incremental Energy Solutions Ltd’s CEO, Mr. Oladipupo Omodara, echoed this sentiment, praising UBA’s proactive approach and emphasizing Africa’s growing appeal for renewable energy investment.

Empower New Energy’s CEO, Mr. Terje Osmundsen, underscored his firm’s pride in being the financing partner for the project, reiterating their commitment to enabling African businesses to access sustainable power through innovative funding solutions. This project directly reflects the vision articulated by UBA Group Chairman, Tony Elumelu, at the recent Norway–Africa Business Summit in Oslo, where he urged investors to recognize Africa’s potential as a land of opportunity.

Did You Know?:

The collaboration strengthens UBA’s position as a leading African financial institution dedicated to promoting sustainability, innovation, and clean energy. The bank’s efforts to integrate renewable energy into its operations are a testament to its commitment to reducing its environmental impact and contributing to a more sustainable future for the continent.

But what role will other financial institutions play in accelerating the adoption of renewable energy across Africa? And how can governments create more favorable policies to incentivize similar investments?

Frequently Asked Questions About UBA’s Solar Initiative

• What is the primary goal of UBA’s solar energy project?

  The primary goal is to reduce UBA’s carbon footprint, enhance energy independence, and promote sustainable banking practices across its operations in Nigeria.

• How much clean electricity will the project generate monthly?

  The project is expected to generate approximately 152,000 kilowatt-hours of clean electricity each month during the initial phase.

• What is the duration of the Power-as-a-Service (PaaS) contract with Renewvia Solar Nigeria?

  The PaaS contract with Renewvia Solar Nigeria is for a period of 10 years.

• How many UBA branches will be powered by solar energy upon full project completion?

  Upon full completion, a total of 50 UBA branches across 18 states will be powered by solar energy.

• What is the total energy capacity of the solar power and energy storage systems?

  The total energy capacity will reach 3 megawatts-peak (MWp) of solar power and 7 megawatt-hours (MWh) of energy storage.

• How does this project contribute to Nigeria-Norway relations?

  The project strengthens economic and energy cooperation between Nigeria and Norway, showcasing a successful model for Africa-Nordic collaboration in renewable energy.