Business News
Virtus secures N446 million from Sterling Bank
Virtus (@rensourceenergy) secures N446 million from Sterling Bank
Virtus, a decentralised energy consortium, has secured a five-year credit facility worth N446 million from Sterling Bank Plc. The financial support is in line with the Federal Government’s Energizing Economies Initiative which is supported by the Central Bank of Nigeria (CBN).
Sterling Bank provided the fund to Virtus for the deployment of distributed energy solutions across selected economic clusters like the market places, shopping centres, industrial facilities in Nigeria.
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Stable and constant electricity supply has been a major issue for companies in Nigeria, with Nigerian businesses estimated to have spent N5 trillion yearly on generators, maintenance, and fuel in order to keep business afloat, according to the Director-General of the National Association of Commerce Industry Mines and Agriculture, Ayoola Olukanni.
Virtus’ operation is sponsored by Solad and Rensource Distributed Energy Limited, an energy company that provides off-grid energy. Rensource delivers power through Microutilities, which is a type of energy service provider that builds a localized decentralized power grid for provision of energy and other value-added services, a statement on by the company disclosed.
Virtus Reaches Financial Close on Loan Facility from Sterling Bank to Power Markets. Virtus is a highly experienced decentralised energy consortium, sponsored by Rensource and Solad. #EEIPoweringMarkets #EnergizingEconomiesInitiative #REA #PoweredbyRensource #renewableenergy pic.twitter.com/QvK4BENgHc
— Rensource (@rensourceenergy) July 22, 2019
PRESS RELEASE: Decentralized Energy Developer – Virtus Reaches Financial Close on Loan Facility From Sterling Bank To Power Markets Under The FGNs Energizing Economies Initiative.
#EEIPoweringMarkets #EnergizingEconomiesInitiative #REA #PoweredbyRensource #renewableenergy pic.twitter.com/qcLLfFTbOm— Rensource (@rensourceenergy) July 22, 2019
Reacting to the fund secured by Virtus, the Managing Director of Rensource, Ademola Adesina said;
“This is indeed a significant achievement for Virtus that will further facilitate development financing in the renewable energy sector. It was only possible because government and the private sector collaborated to address financing challenges for off grid projects.”
Solar plant
Also, the Managing Director of Sterling Bank, Abubakar Suleiman, said the bank’s quest to lead the commercialization of renewable energy aided the investment in Virtus.
“At Sterling we believe that the answer to power generation is a multiplicity of options and we want to be at the forefront of the commercialization of renewable energy. Our involvement in the Virtus transaction which provides N446 million in development financing demonstrates our commitment to improving the capacity of off grid private sector developers for power generation. We hope that this paves the way for more financing to the sector.”
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About Virtus: Virtus Energy Solutions Limited is an Asset Holding Company sponsored by Rensource Distributed Energy Limited and Solad Holdings Limited. The company is implementing the Decentralized Energy Programme using high capacity stand-alone solar technology. Rensource has successfully implemented the first phase of Sabon Gari Market, while construction is ongoing in 6 other markets – Iponri – Lagos, Edaiken – Edo, NEPA 1, NEPA 2, Isikan – Ondo, and Ita Osun – Ogun.
Additionally, planning is well underway to power – Kantin Kwari – Kano, Gbagi – Oyo and Eriwe Fish farm – Ogun.
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Corporate Press Releases
P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa
The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.
Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.
Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.
The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.
Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.
Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:
“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”
Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:
“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”
According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.
Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.
Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.
