Three international leading organizations have committed the sum of $ 12.2 billion to Nigeria’s Power sector. The amount is targeted at delivering 961 megawatts peak (MWp) of solar Photovoltaic power generation infrastructure and 455-megawatt hours of battery energy storage systems to Nigeria’s Power sector.
While the Renewable Energy Sun Africa is committing $2.2 billion, the 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.
According to the Minister of Power, Chief Adebayo Adelabu, on his x App, the deal was solidified on Friday, November 17. He noted that “On November 17, 2023, he 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.
He added that “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.”
The Minister who could not hide his enthusiasm, noted that the collaboration will addressed the problem facing the Nigeria’s Power sector, and play key roles in supporting economic and energy sustainability objectives.
Adebayo stressed that “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 455MWh of battery energy storage systems, totaling $2.2 billion
Adebayo opined that the support by the banks aid the initial phase of the project and supports future developments. According to him, Sterling & Wilson Renewable Energy Limited has been identified as the engineering, procurement, and construction (EPC) partner for the project.