By George Ozalla
The Rural Electrification Agency (REA) has launched the Renewable Asset Management Company (RAMCO) to improve the management and sustainability of renewable energy projects funded by the government.
RAMCO was launched on Wednesday in Abuja by the REA in partnership with the Ministry of Finance Incorporated (MOFI), with stakeholders in the power and renewable energy sector attending the event.
Speaking at the launch, the Managing Director and Chief Executive Officer of REA, Dr Abba Abubakar Aliyu, said the company was established to address the problem of renewable energy projects deteriorating after commissioning due to poor maintenance and weak management.
Aliyu said the REA had deployed about 82 megawatts of solar-hybrid generation across 22 federal universities and three teaching hospitals since 2017 under the Energising Education Programme.
He, however, disclosed that an assessment of seven projects delivered under the first phase showed that only three were still in good or usable condition.
According to him, the development showed the need for a proper system to manage renewable energy assets after their construction and commissioning.
He said RAMCO would be responsible for areas including maintenance, performance monitoring, revenue collection and engaging competent operators to ensure that the assets remain functional throughout their economic life.
Aliyu also said the company would provide a link between existing renewable energy infrastructure and long-term private capital, allowing investors to participate in the sector and making it possible to recycle capital into new projects.
The REA boss said the success of RAMCO would be measured by its ability to keep renewable energy assets productive, attract private investment, restore distressed projects and support the development of new electrification projects.
The Minister of Power, Joseph Tegbe, who also spoke at the event, described RAMCO as a new model for managing and sustaining Nigeria’s energy infrastructure.
Tegbe said the Federal Government was concerned not only with increasing electricity generation but also with ensuring that power infrastructure remained functional and delivered value to Nigerians.
He commended the REA management for developing the initiative and urged stakeholders to support efforts aimed at improving the sustainability of renewable energy investments in the country.
The launch of RAMCO comes as Nigeria seeks greater private-sector participation and long-term financing for renewable energy projects. The Federal Government has said the company is expected to help protect existing investments while creating a framework for attracting additional capital into the sector.
