Oando Plc and the United States-based FuelCell Energy, a major international innovator in continuous clean energy technologies, have signed MoU to boost in renewable power solutions in Nigeria. The MoU was agreed upon and signed at a roadshow hosted by the U.S. Agency for International Development (USAID) Mission in Nigeria, the U.S. Government Prosper Africa, and Power Africa initiatives.
The program was aimed at luring investors from the United States to opportunities in the Nigerian business sector which attracted important persons from American pension funds and persons from financial facilities provision.
The terms of the signed MoU is for the partnership of Oando Clean Energy Ltd (OECL) and FuelCell Energy to establish a highly advanced power plant of 5 to 15 Megawatt (MW) capacity. Oando Clean Energy (OECL) is a subsidiary of Oando Clean Energy Limited (OCEL), which is a part of Oando Plc.
Apart from the establishment of the power plant, the collaboration is also aimed at utilizing FuelCell Energy’s innovative fuel cell and electrolyzer technology and dig into incorporating its carbon capture and sequestration tech. The Oando group believes the partnership is a major milestone in advancing the country’s computerization and increasing power access.
While speaking on the MoU collaboration, Mr. Wale Tinubu, chairman of OECL highlighted the ever-growing demand for renewable energy as a continuous and lasting solution for global energy needs. Based on this, he further went on to say that this demand is the reason for lower prices and the emergence of inventive and easier access to power solutions like those being provided by FuelCell.
He concluded by saying “Their flexible, cost-effective, and state-of-the-art scalable technology gives us confidence that we have chosen a good partner to help Nigerians access reliable low-carbon