$100 Million Investment Announced For Nigeria’s First Utility-Scale Solar Power Project

November 27th, 2015 by

Nigeria’s solar power ambitions have received a major boost as two global companies have come together to invest $100 million in the country’s first utility-scale solar power project.

Project developer Access Infra and asset management company Quaint Global Energy Solutions have announced plans to jointly invest $100 million in a 50 MW solar power project in Nigeria. The ABIBA solar power project will be located in the Kaduna state.

The investment is a result of the Access Co-Development Facility competition launched by Access Infra as a platform to facilitate development of renewable energy projects in Africa. Construction on the project is expected to begin in six months, and should be completed in a year.

Recently, Nigeria approved feed-in tariff regulations for renewable energy projects, with electricity distribution companies required to source at least 50% of their total procurement from renewable energy sources.

Several foreign project developers have already announced plans to develop large-scale renewable energy projects in Nigeria. Solius NGPC, Peoples Home Association, and Solar Force Nigeria Limited, all have plans to set up a cumulative solar power capacity of 1 GW. A joint venture company between SkyPower Global and FAS Energy plans to set up 3 GW of utility-scale solar power projects.

Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.
Source :- https://cleantechnica.com/

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s