Stanbic IBTC DARES Finance

This financing scheme is aimed at providing funding to developers participating under the DARES (Distributed Access for Renewable Energy Scale-up) program under a lending model that is attractive and flexible. Developers can leverage this financing scheme to complete the equipment acquisition phase of their projects for the deployment of mini grids, stand-alone solar systems and productive use equipment backed by signed agreements with the REA/World Bank. Assets covered under this financing scheme are the major assets required while the developer bears the cost of smaller items and other miscellaneous cost like labour, logistics etc. These assets are:

1. Solar panels
2. Inverters and charge controllers
3. Batteries
4. Backup generators (in the case of hybrid systems)
5. Smart meters
6. Transformers
7. Solar Home Systems packages
8. Productive Use Equipment

Eligible Projects

1. Mini Grids/Mesh Grids
2. Stand Alone Solar Home Systems
3. Solar for Productive Use Equipment

Indicative Terms of the Facility

• Tenor: 12 months revolving facility limit; 6 months per tranche (this might extend subject to timeline of execution)
• Currency: Available in Naira (₦)
• Interest: Indicative rate of interest: MPR + 4% pa
• Repayment: Domiciled proceed of World Bank grant and monthly revenue from project financed
• Security: The security structure may include a combination of any of the following:

1. Charge on equipment financed.
2. Comprehensive insurance over equipment financed noting Stanbic IBTC as the “first loss payee” until full liquidation of facility.
3. Opening of non-checking accounts into which grant, and project proceeds will be paid.
4. Confirmation of domiciliation of grant and project proceeds into the client’s non-checking account with the bank
5. Charge on other assets, e.g., receivables
6. Irrevocable undertaking committing to liquidate the loan from any other source in the event that the grant is not paid.
7. A dedicated debt service reserve account into which periodic remittances shall be made to build up funds towards repayment.
8. Personal guarantee of promoters of the company.
9. Corporate guarantee of parent or related company.
10. Cash or near cash collateral
11. Other tangible collateral acceptable to the bank e.g. houses, office buildings, etc.

*The final terms and security structure will be at the discretion of the Bank.

Note: The following documents listed below will be required to enable the Bank conduct due diligence and credit appraisal. As an alternative to submitting these documents, you may give your formal consent to the REA and Odyssey to share these documents with the Bank.

Stage 1: Credit Appraisal and Due Diligence

All applicants must submit all relevant information required in this stage.

Documents required from developers.

• Valid executed REA issued grant agreements for proposed site/project*
• Land lease/tenancy agreement for each project site (for mini grids)
• Memorandum of understanding with the host community /tariff agreement/PPA/ Tripartite Agreements (in cases of interconnected mini-grids)
• Certified True Copy of Certificate of Incorporation, CAC Forms CO2 and CO7
• Company and management profile
• Evidence of clearance of CAC annual returns for the last 2 years at a minimum
• Tax Clearance Certificate for the most recent fiscal year
• Details of company representative (Name, Email address, phone number)
• Audited financial accounts (at least 3 years);
• Most recent management accounts.
• Bank statements for the last 12 months in excel and pdf format.
• Details of exposure to other financial institutions (initial loan amount, date booked, outstanding exposure, outstanding tenor,) along with offer letter.
• Evidence that additional funding sources to cover remainder of project costs have been secured.
• Acceptable financial model showing specific assumptions and projections for each grid/proposed project(s)*
• Detailed BOQ of assets to be procured for each project site.
• Detailed work plan/execution timeline for each project.
• Detailed list of completed and ongoing projects of similar scale – location, counterparty, size, date completed, value, pictures, etc.
• Approved permits from NERC, Federal Ministry of Environment (ESIA/ESMP).

Additional documents may be required during the due diligence stage.

By completing the stage 1 application you have agreed to be subjected to credit check by at least 2 credit bureaus in Nigeria at the discretion of Stanbic IBTC.

Note: Upon receipt of all required documents, the Stanbic IBTC team will commence review of the credit application and will reach out within a week of your submission to provide feedback. We may ask for additional documentation or information based on our conversations and/or review. We will also carry out financial, integrity and legal due diligence on the projects submitted. If satisfied with the review, the transaction will then be presented to a Business Assessment Committee for first stage approval.

If project is approved by the Business Assessment Committee, the transaction is then moved to the Credit department for deliberation and approval by the Credit Committee for second stage approval.

Stage 2: Approval and Documentation

Our credit committee carries out a final review of your application and approves or declines your credit application.

Upon approval of your application by credit committee, we will share with you the offer letter containing final list of Conditions Precedent (CP), Final Agreements and Security Structure.

We do encourage you to review the documents provided on time to ensure quick close out on draft agreement and CP finalization.

Disbursement

Disbursement will be done once the agreements are signed, security structure is in place and CPs have been satisfied. Please note however that disbursement will be done into the client’s non checking account and funds will be transferred directly to the suppliers of the assets.

Documents Required for Account Opening

1. Completed Account opening form – To be provided.
2. One passport photograph for each signatory
3. All CAC Registration documents.
4. Proof of legitimate occupancy of your current office location (Utility bill not more than 3 months old, Tenement receipt, Tenancy Agreement, Certificate of Occupancy)
5. SCUML certificate
6. Valid means of identification (National ID card/ International passport/Voter’s card/Driver’s license) of the following categories of persons:
   1. Signatories to the account
   2. Directors of the company
   3. Shareholders with 5% shareholdings and above
   4. Trustees
7. Two (2) Valid Corporate Account references
8. Board Resolution to open account
9. Tax Identification Number
10. BVN number of the signatory(s); Business Owner or Directors and Shareholders
11. Due diligence for Domiciliary Account - To be provided.

Objectifs et Résultats

Indicateurs Usage Productif:

Entreprises (clients finaux) avec accès décentralisé à l’énergie

Objectif: 300

Atteint: 141

Femmes: 43

Entrepreneurs assistés techniquement

Objectif: 400

Atteint: 344

Femmes: 191

Institutions Sociales

Institutions sociales électrifiées

Objectif: 50

Atteint: 25

Institutions sociales appuyées ou conseillées

Objectif: 70

Atteint: 25

Cadre règlementaire

Aspect du cadre réglementaire amélioré

Objectif: 1

Atteint: 0

Investissement

Promoteurs de projet d’énergies renouvelables accompagné

Objectif: 6

Atteint: 8

Projets d’énergies renouvelables soumis pour financement

Objectif: 2

Atteint: 0

Formation

Expert·e·s du secteur formé·e·s

Objectif: 50

Atteint: 25

Femmes: 7

Expert·e·s appliquant le savoir-faire acquis

Objectif: 25

Atteint: 19

Femmes: 5

Entrepreneurs

Entrepreneurs avec accès à l’énergie

(>30% femmes)

Objectif: 200

Atteint: 154

Entrepreneurs assistés techniquement

(>30% femmes)

Objectif: 200

Atteint: 333

Entrepreneurs recevant du crédit

Objectif: 100

Atteint: 6

Institutions Sociales

Institutions sociales électrifiées

Objectif: 60

Atteint: 0

Institutions sociales appuyées ou conseillées

Objectif: 100

Atteint: 124

Savoir-faire

Experts appliquant le savoir-faire acquis (>30% femmes)

Objectif: 100

Atteint: 210

Centres de formations avec programmes d’études améliorés

Objectif: 3

Atteint: 5

Enseignants formés (>30% femmes)

Objectif: 20

Atteint: 70

Experts formés (>30% femmes)

Objectif: 200

Atteint: 322 (256H, 66F)

Cadre

Aspect du cadre amélioré

Objectif: 1

Atteint: 1

Développeurs

Développeurs de projet soumettant

pour financement

Objectif: 13

Atteint: 9

Connexions

Nombre de connexions

Objectif: 4.000

Atteint: 0

Villages électrifiés

Objectif: 20

Atteint: 0

Acteurs locaux

Projets par des acteurs locaux financés

Objectif: 3

Atteint: 2

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DREAM Invitation for Bid - Irrigation Service Provider (ISP) in Murche and Lelicho

Fill out the form to receive your login information to the DREAM Platform of Odyssey Energy Solutions, the official web-based platform to submit bidding documents for irrigation components. You will submit required documents within the DREAM Portal of Odyssey once you have been registered.