Sterling Bank Limited’s Imperium Initiative, in collaboration with JinkoSolar Holding Co., Ltd., is proactively addressing the prevalent import challenges encountered by photovoltaic (PV) distributors and solar developers in Nigeria.
This strategic partnership is geared towards alleviating substantial foreign exchange hurdles and operational limitations, with the ultimate goal of propelling the widespread adoption of solar energy across the nation.
In a statement released by the bank, Mr. Olabanjo Alimi, Group Head of Transport & Renewables (Digital Renewables and Mobility) at Sterling Bank, introduced this groundbreaking collaboration, underscoring its potential to revolutionize the solar energy landscape in Nigeria
Mr. Olabanjo Alimi emphasized that the Imperium Initiative is designed to streamline the procurement process for distributors and developers. By eliminating the need to obtain foreign exchange at high costs for PV panel purchases, this initiative will lead to a substantial reduction in expenses. Consequently, it will render solar energy more accessible to both households and businesses in Nigeria. Renowned for its pioneering spirit and competitive pricing within the PV industry, JinkoSolar Holding Co., Ltd. is deeply committed to sustainable practices and expanding energy accessibility across Africa.
A noteworthy achievement for JinkoSolar is being the first company to successfully commercialize N-type TopCon Technology, introducing it as the Tiger Neo module. This development marked a significant milestone in the transition from P-type to N-type solar technology.
Within its HEART of Sterling initiative, Sterling Bank has strategically invested in renewable energy, alongside sectors like Health, Education, Agriculture, and Transportation. This demonstrates the bank’s dedication to advancing sustainable solutions in key areas. The Imperium Initiative stands as a testament to Sterling Bank’s commitment to offering alternative power solutions for households, alleviating the necessity for individuals to make significant capital outlays to power their homes.
Furthermore, Sterling Bank’s devotion to environmental sustainability is evident in the fact that around 60 branches across the nation are powered by solar energy. This accounts for over 40 percent of the bank’s total branches, showcasing a substantial contribution to reducing its environmental footprint.
In 2022, Sterling Bank achieved an impressive 35.4% increase in the deployment of solar-powered ATMs across Nigeria, a substantial improvement compared to the previous year.
Jinko Solar, a widely respected leader in solar technology on a global scale, is committed to revolutionizing the energy landscape and advancing a sustainable future. With a strong emphasis on integrated research, development, and manufacturing of photovoltaic products, the company provides comprehensive clean energy solutions and maintains its position as the leading global provider of solar modules, serving customers in over 180 countries and regions worldwide.
The partnership between Sterling Bank’s Imperium Initiative and Jinko Solar holds immense potential for the Nigerian solar industry, marking a pivotal stride towards sustainable and economically viable energy solutions for the nation.