Sterling Bank Plc. has signed a Memorandum of Understanding (MoU) with Zola Electric an American based renewable energy company to provide reliable power supply to Nigerians.
In the MoU, Zola Electric will provide Nigerians access to renewable energy solutions, while Sterling Bank Plc will provide loans to persons or organizations interested in acquiring the services of Zola Electric.
This deal will further add to the bank’s profit as the interest gained from the loans will go to the bank’s coffers.
The CEO of Zola Electric, Bill Lenihan, after the signing the MoU, stated that his company came up with the antidote to the power problems in Nigeria after studying the market for about a year.
He further added that over 2.2billion people do not have access to stable power supply, hence their company’s initiative. Mr Lenihan Stated that “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 the grid and unreliable power supply. An average household in Lagos has an average grid power supply of about between four and eight hours”.
He pointed out that “Our solutions are designed and built for the purpose to meet your energy needs and economic situation. Every single home and business is treated in this way. It is autonomous with seamless inter-operable integration with solar grid and generations with smart connected technology providing optimization.’’