Nigerian Breweries adopts renewable energy

Following the rise in the cost of diesel and petrol, Nigerian Breweries Plc has signed a power purchase agreement with Konexa to adopt a 100 per cent renewable energy transition for two of its Lagos and Ama Enugu breweries.

In a statement, the company explained that the step was part of the transition of the company’s operations to renewable energy across the country, reflecting its commitment to the journey toward carbon neutrality across its footprints.

“Climate Fund Managers, a climate-focused blended finance investment manager and existing investor in Konexa will provide development funding for the project via its EU-supported Climate Investor One fund. Konexa and third-party co-financiers will also provide funding,” the company noted.

Speaking during the official contract signing ceremony held at the company’s head office in Iganmu, Lagos, recently, the Managing Director of Nigerian Breweries Plc, Mr Hans Essaadi, described the agreement signing as a significant milestone in the company’s 100 per cent renewable energy transition.

Essaadi said, “This partnership underscores our commitment to reducing carbon emissions, lowering operational costs, and achieving net zero before 2030.

Nigerian Breweries recognises the critical role of renewable energy infrastructure in Nigeria, particularly amidst frequent outages. Our collaboration with Konexa demonstrates our dedication to accelerating the transition to renewable energy in our operations.

“We look forward to working with Konexa to achieve this transition, especially in the face of the increasing cost of fossil fuels.”

Also, the Chief Executive Officer of Konexa, Pradeep Pursnani, said the company was excited to be part of a project aimed at helping NB move toward a more reliable and sustainable power source in its operations.

“With CFM’s support, we are advancing the development of key renewable energy infrastructure in Nigeria, helping companies like NB Plc’s transition to sustainable, reliable power and reduce their costs,” Pursnani said.

Climate Fund Managers’ Regional Head of Africa, Darron Johnson, said the funding support for the project represented the company’s commitment to assisting NB reduce its dependence on fossil fuels while strengthening the grid’s resilience.