Electricity in Nigeria Gets Boost as FG Gets Help From American Firm, Seals Multibillion-Dollar Deal

Electricity in Nigeria Gets Boost as FG Gets Help From American Firm, Seals Multibillion-Dollar Deal

  • The Minister of Power, Adebayo Adelabu, has disclosed that Nigeria has secured a $2.2 billion Solar PV deal with an American firm
  • The deal will see the Florida-based Sun Africa power Nigerian homes and offices with 961 megawatts of solar and 455 megawatts of battery
  • The minister stated that the ECOWAS initiative ensures hitch-free power transmission

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The Nigerian government has secured a $2.2 billion solar PV deal with Florida-based Sun Africa through the Ministry of Power.

The Minister of Power, Bayo Adelabu, disclosed this on his X page, stating that the deal was signed on Friday, November 17, 2023, when the company committed to delivering 961 megawatts peak (MWp) of solar photovoltaic power generation infrastructure and 455 megawatts of battery storage system

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Sun Africa, Sola PV, Abebayo Adelabu
The Minister of Power, Adebayo Adelabu said Nigeria has secured a $2.2 billion power deal Credit: eyesfoto
Source: Getty Images

American firm commits $2.2 billion to renewable energy in Nigeria

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Adebayo revealed that he represented President Bola Tinubu at the commissioning and coordination centre in Cotonou, Benin Republic.

According to the minister, the ECOWAS initiative ensures hitch-free power transmission and market-driven energy trading across West Africa.

Per the minister, the partnership is essential to a more durable power mix, critical for economic growth and environmental sustenance.

The power minister identifies partners for the project

Adelabu said the financing partners ING Bank and Citi, supported by the United States Export-Import Bank, are backing the deal by committing $10 billion spanning several years.

The support by the financial institutions helps the initial phase of the project and supports future developments, the minister said.

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He stressed that Sterling & Wilson Renewable Energy Limited has been identified as the project's engineering, procurement, and construction partners.

Several countries and companies show renewed interest in Nigeria's power sector next to the oil industry.

Germany promises free electricity in Nigeria

Early in November, the German Chancellor, Olaf Scholz, pledged his country's commitment to helping Nigeria achieve sustainable electricity.

Legit.ng reported that the German Vice Chancellor, Olaf Scholz, revealed that his country is collaborating with the Economic Community of West African States (ECOWAS) to supply cheap electricity to member countries.

Vanguard reports that the German Vice Chancellor spoke at a press conference after meeting with the ECOWAS' President, Omar Alieu Touray, in Abuja on Sunday, October 29, 2023.

Olaf revealed that Germany is also partnering with ECOWAS in other areas, including the region's pandemic prevention, security, and coup prevention.

He added that the European country had recently boosted its financial support to ECOWAS.

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The ECOWAS President said that the bloc has received support of 81 million euros from Germany, bringing Germany's aid to the bloc to about 500 million euros in the past decade.

Big boost for electricity as power plant worth $1.2bn begins operation in Nigeria

Legit.ng reported that the Minister of Power, Adebayo Adelabu, has revealed that the Zungeru hydropower plant is set to begin operation by November end.

During a journalist conversation, the Minister revealed this in Abuja on Wednesday, November 8, 2023.

The Nigerian government had said the $1.2 billion power plant built in Niger State would be ready for inauguration in the first quarter of 2023.

Source: Legit.ng

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