BONI partners with Afreximbank for solar energy financing in Nevis

Bank of New Innovation Limited (BONI) has signed a heads of terms agreement with African Export-Import Bank (Afreximbank) for a two tranche US$11 million facility to support SMEs and domestic consumers to access sustainable renewable energy and solar panel systems, as well as the development of a landmark hotel project in Nevis.  

The agreement speaks to a two-tier strategy, with the first tier introducing a ‘Solar-as-a-Service’ model to ensure solar energy is sustainable, affordable and accessible.  

In doing so, tangibly reducing business and household energy bills, supporting business growth, driving job creation and meeting carbon emission targets.  

The second stage shall see the development of a landmark hotel project along Nevis’s golden mile with the creation of some 100 jobs.  

This development strengthens BONI’s position as a finance intermediary for Afreximbank, supporting the pipeline of business activity between Africa and the Caribbean. Something which is core to Afreximbank.  

Michael J. Prest, Founder of BONI, said: “Working with Afreximbank opens BONI to numerous opportunities and reflects our shared commitment to sustainable development, job creation, and bringing accessible financing to the Caribbean. To work in collaboration with Afreximbank to address themes so critical to small island states, sets a template which is fungible and exportable to other small island states around the world.

Affordable energy and affordable finance are key to development and the persistent lack of the same poses an existential risk to the development and well-being of small island states. BONI and Afreximbank will support businesses and consumers to create economic multipliers by benefiting from affordable financing options and affordable renewable energy.”  

The second stage of financing is scheduled for Q3/Q4 of 2024, with further details to be announced in due course.