Nigeria’s Power Minister announces $2.2 billion Solar PV deal with Sun Africa
Nigeria’s Power Minister has announced a $2.2 billion solar PV deal with Sun Africa. The Minister, Bayo Adelabu announced this on Sunday, November 19 via his official Twitter account.
According to him, the deal was solidified on Friday, November 17, when the company committed to delivering 961 megawatts peak (MWp) of solar photovoltaic power generation infrastructure and 455 megawatt hours of battery energy storage systems.
He wrote:
• “On November 17, 2023, I had the honour of representing Mr President at the commissioning of the West African Power Pool’s (WAPP) Communication and Coordination Center in Cotonou, Benin Republic. This ECOWAS initiative ensures seamless power transmission and market-driven energy trading across the West African Sub-region.
• “A backup/fail-over centre in Nigeria is planned for the second phase, a high-tech Control Center supporting transmission connectivity and guaranteeing automatic off-take of new power investments. Later that day in Abuja, I met with representatives from Sun Africa LLC, a leading US-based renewable energy solutions provider.
• “Together, we solidified a collaboration to enhance Nigeria’s power landscape. As the Honorable Minister of Power, I am excited about the positive impact on our nation, aligning with my power sector transformation roadmap of Distributed Power leveraging on Renewable Energy Sun Africa has committed to delivering 961 MWp of solar PV generation infrastructure and 455 MWh of battery energy storage systems, totalling $2.2 billion.
• “This addresses Nigeria’s increasing power demand, supporting economic and energy sustainability objectives. This collaboration is a crucial step in transitioning to a more sustainable power mix, vital for economic growth and environmental responsibility.
• “Grateful for Sun Africa’s partnership, I anticipate embarking on a journey to provide cutting-edge renewable power infrastructure to our citizens. Their dedication mirrors our vision for a resilient and energy-abundant Nigeria.”
Financial backers
According to the Honorable Minister, financing partners ING Bank and Citi, backed by the United States Export-Import Bank are supporting the Sun Africa deal by committing up to $10 billion across several years.
He noted that the support by the banks aids the initial phase of the project but also supports future developments.
According to him, Sterling & Wilson Renewable Energy Limited has been identified as the engineering, procurement, and construction (EPC) partners for the project.
He also wrote:
• “This collaborative effort marks a milestone in advancing sustainable and reliable energy solutions for our nation. It underscores our commitment to providing accessible and eco-friendly power, shaping a more promising future for Nigeria.
• Gratitude to Sun Africa, our financing partners, and all stakeholders involved. Together, we forge a path towards a brighter, greener, and more energy-efficient Nigeria.”
Nairametrics.com
