REAN and Odyssey Energy Solutions Sign $100M Equipment Finance Deal

May 18, 2023

Odyssey Energy Solutions, an end-to-end distributed energy technology platform, and the Renewable Energy Association of Nigeria (REAN) are proud to announce that they’ve signed an agreement to work together to make solar equipment procurement more efficient and cost-effective for solar companies operating in Nigeria. Together they will make $100M of equipment finance available to REAN members with very favourable terms, including only requiring a small down payment for equipment and giving a 60-day window for solar companies to pay the balance once equipment has arrived in Nigeria for select equipment.

As one of the fastest-growing economies in Africa, Nigeria has a significant demand for renewable energy solutions. However, many solar companies face significant challenges when it comes to sourcing equipment and materials, including long lead times, high costs, and lack of access to quality products. The partnership between Odyssey Energy Solutions and REAN aims to address these challenges by streamlining the procurement process and providing better access to high-quality solar products for REAN members. 

Under the agreement, Odyssey Energy Solutions and REAN will streamline equipment procurement for REAN members by helping them access financing, better payment terms and supply chain support.

The partnership details were officially announced at the REAN Town Hall Meeting, held virtually and in Edo State on May 16. The event gathered key stakeholders in Nigeria’s renewable energy sector to discuss industry trends, opportunities, and challenges.

Commenting on the agreement, Justin Tinsey, VP of Procurement Solutions at Odyssey, said, “We are delighted to be partnering with REAN to help improve the efficiency and cost-effectiveness of solar equipment procurement in Nigeria. Our combined expertise and resources will enable us to provide better solutions to solar companies in Nigeria, helping them to grow their businesses and contribute to the development of a sustainable energy future for the country.”

REAN President, Ayo Ademilua, also expressed his enthusiasm for the agreement, stating that “REAN is committed to supporting the growth and development of the renewable energy sector in Nigeria, and this partnership with Odyssey Energy Solutions is an important step in that direction. We look forward to working together to provide better access to quality solar products and solutions for our members.”

With the official announcement of this partnership agreement, Odyssey Energy Solutions and REAN are poised to make a significant impact on the solar energy industry in Nigeria, by making it easier, faster and cheaper to procure high-quality solar products.