Zola Electric, Sterling Bank seal power deal

American renewable energy firm, Zola Electric and Sterling Bank, has signed a memorandum of understanding (MOU) on financing Nigerian households and businesses that yearn for reliable 24-hour power supply.

The partnership, which was sealed in Lagos recently, aims at deepening access to reliable clean power supply to Nigerians through Zola solutions and loans from Sterling Bank.

Speaking at the MOU signing ceremony, the firm’s Chief Executive Officer, Zola Electric, Bill Lenihan, after studying the market for about a year, the firm, he revealed, has developed a business model that has the capacity to solve the energy problem of the country.

He added that over 2.2 billion people across the globe, including Nigeria, don’t have access to power and many others also don’t have access to reliable power supply. This is the problem the firm love to solve.

“Our mission is simple, to offer 24hour clean energy. Today we use our solution to solve power problems across Africa. In Nigeria, we want to solve the problems of those who have access to grid and unreliable power supply. Average household in Lagos has an average grid power supply of about between four and eight hours.

“Our solutions are designed and built for purpose to your energy needs and economic situation. Every single home and business is treated in this way. It is autonomous with seamless interoperable integration with solar grid and generations with smart connected technology providing optimisation.’’

Source: The Nation