Sterling Bank, a leader in Nigeria’s banking sector, has announced a monumental achievement: its head office, Sterling Towers, is now the first organizational headquarters in Africa to be fully powered by solar energy. This significant milestone caps off a year of impressive strides in sustainability and positions Sterling Bank at the forefront of the continent’s green revolution.
Located on historic Lagos Marina, Sterling Towers has transitioned to a sophisticated solar energy system, distinguishing itself as a landmark of innovation and environmental consciousness. The project, which stands as the largest photovoltaic integration in Africa, involved the installation of 3,250 crystalline silicon photovoltaic glass panels covering around 6,500 sqm of the towering 17-story structure.
The solar panels are expected to generate 1.2 megawatts of electricity per day, enough to power the entire building and its operations. This will reduce the bank’s reliance on the national grid and diesel generators, which are costly and polluting. The bank estimates that the solar system will save it over N300 million ($726,000) annually in energy costs and reduce its carbon footprint by 2,600 tonnes per year.
The initiative is a tangible representation of Sterling Bank’s commitment to reducing its ecological impact and setting new standards for the use of renewable energy within Africa’s banking industry and beyond. “At Sterling Bank, our investment in solar technology reflects our broader commitment to responsible corporate citizenship,” stated Ibidapo Martins, the Group Chief Marketing Officer for Sterling. “Our solar-powered headquarters is a natural extension of our vision to be an exemplar of sustainable development and to inspire other institutions to embark on similar paths toward renewable energy adoption.”
Sterling Bank’s solar project is part of its larger sustainability strategy, which includes promoting financial inclusion, supporting social enterprises, and championing environmental causes. The bank has also launched several green products and services, such as the Green Mortgage, which offers lower interest rates for customers who buy energy-efficient homes, and the Green Loans, which provide financing for renewable energy projects.
Sterling Bank’s efforts have not gone unnoticed by the global community. The bank was recently recognized as the “Most Sustainable Company in Africa” at the 2023 Finance Innovation Awards, and as the “Best Bank in Nigeria” at the 2023 African Banker Awards. The bank was also ranked among the top 25 most sustainable banks in the world by the World Finance magazine.
Sterling Bank’s solar project comes at a time when Africa is experiencing a surge in renewable energy development, driven by the need to address the continent’s energy challenges and meet the global climate goals. According to the International Renewable Energy Agency (IRENA), Africa’s renewable energy capacity increased by 4.6% in 2023, reaching 49.4 gigawatts. Solar energy accounted for the largest share of the growth, with an increase of 2.6 gigawatts.
While over 75% of capacity is currently in the concept stage, the continent’s overall renewable capacity is projected to increase from about 27.4 GW in 2023 to 280 GW in 2035, showcasing significant opportunities for investors and project developers alike. Several countries, such as Kenya, Morocco, South Africa, and Ethiopia, have emerged as regional leaders in renewable energy deployment, while others, such as Angola, Ghana, and Senegal, have announced ambitious plans to expand their green energy portfolios.
As Africa’s solar energy potential continues to shine, Sterling Bank’s solar project serves as a shining example of how the private sector can play a vital role in advancing the green transition and creating a more sustainable future for the continent.
Source: Nigerian Tribune
