- More equitable access to electricity across regions
- Maximize the economic, social and environmental benefits of rural electrification subsidies
- Promote expansion of the grid and development of off-grid electrification
- Stimulate innovative approaches to rural electrification.
Source of REF Funds
- Any surplus appropriated pursuant to the EPSR Act 2005 (section 53).
- Any fines obtained by NERC pursuant to the EPSR Act 2005.
- Any donations, gifts, or loans made by International Agencies, State Governments, the Federal Government, local communities, businesses, etc
- Any contribution that may be made pursuant to the EPSR Act 2005, and interest and other benefits accrued to the Fund (REF)
- Monies appropriated by the National Assembly / Special Intervention fund
- Percentage of the annual turnover of the licensee’s as may be determined by the Commission
POWER GENERATION TECHNOLOGIES
REF would support a combination of renewable and other conventional power generation sources. However, all solutions supported by the REF shall fall under the category of renewable energy, having, at least, a 30% penetration by a renewable energy source or a combination of them. Technology innovation, which results in more sustainable solutions and/or improves the financial viability of the projects, shall be an asset.