Daystar Power, Nigerian Breweries Seal Solar Deal to Cut Energy Costs

Image

By Adedapo Adesanya

A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs.

The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria.

The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery.

According to a statement, the integration of solar into the factory’s energy mix will reduce the brewery’s dependence on diesel generators to displace an estimated 31.4 million litres of diesel and offset an estimated 84,758 tons of CO2 over the installation’s 20-year lifetime.

Nigerian Breweries, a subsidiary of Heineken, is one of the country’s leading manufacturers and produces some of the most popular and iconic beverages from Star Beer to Maltina.

The agreement with Daystar to design, install, and operate a hybrid solar and battery storage installation is part of Heineken’s commitment to decarbonize its production by 2030 and its full value chain by 2040.

Speaking on the agreement, Mr Jasper Graf von Hardenberg, CEO of Daystar Power, said, “We are thrilled to sign an agreement with Nigerian Breweries for this milestone project, one of the largest in our portfolio in Nigeria. We could not be prouder to support Heineken as it accelerates its adoption of renewable energy.”

High energy costs have continued to disrupt productive activities in Africa’s most populous country as factories self-generate more than 14,000 megawatts of electricity due to poor supply from electricity distribution companies.

Data sourced from the World Bank’s Power Sector Recovery Programme said inadequate power supply costs businesses in Nigeria about $29 billion yearly.

It also observed that Nigeria had the largest number of people without access to electricity worldwide, as one in 10 people without access to electricity currently resides in Nigeria.

Share
Related Stories
Image
21-February-2024

Oil Prices Slide on Global Demand Worries

By Adedapo Adesanya Oil prices settled lower on Tuesday, with worries about global demand offsetting price support from the Israel-Hamas conflict, causing the Brent futures to lose $1.22 or 1.5 per cent to sell at $82.34 a barrel, as the US West Texas Intermediate (WTI) crude shed $1.30 or 1.4 per cent to trade at $77.04 a barrel. The crude oil market was lower following the quiet trading over the Presidents’ Day holiday in the US and as demand concerns offset ongoing Middle Eastern geopolitical tensions. Shipping has been impacted by escalating attacks on shipping lanes in the Red Sea

Image
22-February-2024

Crude Oil Jumps as Geopolitical Tensions Persist

By Adedapo Adesanya Crude oil appreciated on Wednesday as geopolitical tensions continued in the Middle East and traders assessed signs of near-term supply tightness. Brent crude was up by 69 cents or 0.8 per cent to $83.03 a barrel while the US West Texas Intermediate (WTI) crude jumped by 87 cents or 1.1 per cent to settle at $77.91 per barrel. Houthi attacks on commercial vessels in the Red Sea and Bab al-Mandab strait have continued to stoke concerns over freight flows through the critical waterway. The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in

Image
22-February-2024

Senate Confirms Cardoso, Yuguda, 10 Others as CBN MPC Members

By Adedapo Adesanya The Senate has confirmed the appointment of 12 persons as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) ahead of next week’s eagerly awaited interest rate-setting meeting. This confirmation comes after a report of the Committee on Banking, Insurance and other Financial Institutions was considered during plenary on Thursday. The confirmation of the new MPC members comes days before the first policy meeting of the apex bank under the new CBN governor, Mr Olayemi Cardoso, who by his position will be the chairman of the committee. The meeting has been slated

More Stories
Image
08-September-2021

Naira Gains 46 Kobo to Trade N410.67/$1 on Spot Market

By Adedapo Adesanya The Naira appreciated against the US Dollar on Tuesday by 46 kobo or 0.11 per cent on the spot market, closing at N410.67/$1 compared with the previous day’s N411.13/$1. The on the spot market is the channel created by the Central Bank of Nigeria (CBN) for heavy foreign exchange (FX) traders called the Investors and Exporters (I&E) segment. During the session, Business Post observed that the value of transactions jumped by 31.3 per cent or $30.57 million to $128.11 million from the previous day’s turnover of $97.54 million. But despite the increase in the day’s turnover, the

Image
19-December-2018

CBN Sustains Pressure on System Liquidity with N25b OMO Sale

By Dipo Olowookere The Central Bank of Nigeria (CBN) yesterday continued with its usual mopping up of excess liquidity from the financial system with the offering of treasury bills to investors via Open Market Operations (OMO). However, the exercise was marred with low turnout as investors continued to undersubscribe to the OMO auction by the apex bank. This is largely due to the fact that the central bank has failed to push the stop rates upward to attract market players, who want better return. Of the N150 billion worth of the debt instruments offered for sale on Tuesday by the

Image
28-June-2023

CBN Pegs N50,000 Transaction Limit for Contactless Payments

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has instituted transaction limits ranging from N15,000 per transaction to N50,000 cumulative daily for the country’s novel contactless payments system. Contactless payments are a secure and convenient method of making transactions without physical contact between a payment device, such as pre-paid, debit, and credit cards, key fobs, mobile electronic devices, and wearable devices. The technology, which is still new and hasn’t become very popular, will utilise near-field communication (NFC) technology, allowing users to simply tap or wave their payment device near the terminal to complete a transaction. Business Post reports that

Image
06-October-2023

Nigerian Equities Rebound by 0.13% on Renewed Bargain-Hunting

By Dipo Olowookere Renewed bargain-hunting in banking, consumer goods and industrial goods equities rescued the Nigerian Exchange (NGX) Limited from the claws of the bears on Thursday. The buying interest lifted Nigerian stocks by 0.13 per cent during the session as investors await the policy direction of the new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso. Yesterday, the All-Share Index (ASI) increased by 87.91 points to close at 66,570.19 points compared with the midweek’s 66,482.28 points, as the market capitalisation jumped by N141 billion to settle at N36.527 trillion versus Wednesday’s N36.386 trillion. Business Post reports

Image
03-May-2017

Zuma Welcomes Delegates to WEF Africa in Durban

By Modupe Gbadeyanka South African President, Mr Jacob Zuma, has extended a warm welcome to all delegates to the World Economic Forum on Africa which is scheduled to take place in Durban from May 3-5, 2017. The delegates include Heads of State and Government from the African continent, global captains of industry and commerce and civil society leadership. They will meet at the Inkosi Albert Luthuli International Convention Centre, in Durban, under the theme “Achieving inclusive growth: responsive and responsible leadership”. WEF on Africa will deliberate on important issues relating to the achievement of inclusive economic growth globally and with

Image
23-May-2018

Continuous Sell-offs Bury Nigerian Equities in Red Zone

By Modupe Gbadeyanka The free-fall at the trading floor of the Nigerian Stock Exchange (NSE) continued on Tuesday with sell-offs majorly seen in the banking and oil and gas sectors. The local bourse closed 0.43 percent lower yesterday with the Year-to-Date (YtD) returns shrinking to 5.25 percent. The All-Share Index (ASI) went down by 175.78 points to close at 40,249.29 points, while the market capitalisation declined by N63 billion to finish at N14.580 billion. The Financial Services sector led the activity chart yesterday with 170.7 million shares sold for N1.8 billion, while the Services industry followed with 39.5 million equities

Image
02-August-2017

6 Tips For Making Safe Mobile Transactions

By Adeniyi Ogunfowoke Many people now perform transactions with their mobile phones because it is convenient. But it does come with certain risks. Hence, you have to know that you will be vulnerable at some point if you are careless when doing the mobile transactions. Jumia Travel, the leading online travel agency, shares some tips to make mobile transactions safer to prevent you from losing your hard earned money. Monitor your accounts regularly It is now very easy to monitor your account. Except in some certain situations, you do not physically need to go to the bank. With online banking, you have

Image
10-June-2020

NERC Hikes Prices of Electricity Meters

By Adedapo Adesanya The Nigerian Electricity Regulatory Commission (NERC) has increased the prices of electricity meters. According to the new increment, prices of single-phase meters, which were sold for N36,991, rose 21 percent and now cost N44,896.16, while a three-phase meter has been increased by 23 percent from N67,055 to N82,855.19. The Chairman of NERC, Mr James Momoh, in a statement blamed the hike on the recent increase in foreign exchange. “In arriving at the approved unit costs, the commission has considered the recent changes in foreign exchange approved by the Central Bank of Nigeria (CBN) and the applicable rate

Ad
Ad
Recent Stories
Image
22-February-2024

Nigeria Posts 2.74% GDP Growth in 2023

By Adedapo Adesanya Nigeria’s economy grew by 2.74 per cent in 2023, lower than the 3.1 per cent posted in 2022. This was disclosed by the National Bureau of Statistics (NBS) in its latest Nigeria Gross Domestic Product Q4 2023 Report released on Thursday. While the country’s economic growth was lower than the preceding year, it grew by 3.46 per cent (year-on-year) in real terms in the fourth quarter of 2023. This growth rate is lower than the 3.52 per cent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 per

Image
22-February-2024

Nashaira Belisa Takes Project OMI to Lagos Orphanage, School

By Adedapo Adesanya  Miss World Curacao 2024, and Curaçao’s delegate to Miss World 2024 in India, Miss Nashaira Belisa, an influential humanitarian and businesswoman, has launched PROJECT OMI. OMI, meaning water in the Yoruba Language, is a transformative initiative focused on addressing the critical need for clean water in orphanages and communities across Nigeria and Ghana. She is using this initiative to change the world, one drop of water at a time. The project, aptly named OMI, is a testament to Belisa’s commitment to making a lasting impact beyond the realm of beauty pageantry. Belisa’s dedication to clean water accessibility

Image
22-February-2024

Senate Confirms Cardoso, Yuguda, 10 Others as CBN MPC Members

By Adedapo Adesanya The Senate has confirmed the appointment of 12 persons as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) ahead of next week’s eagerly awaited interest rate-setting meeting. This confirmation comes after a report of the Committee on Banking, Insurance and other Financial Institutions was considered during plenary on Thursday. The confirmation of the new MPC members comes days before the first policy meeting of the apex bank under the new CBN governor, Mr Olayemi Cardoso, who by his position will be the chairman of the committee. The meeting has been slated

Image
22-February-2024

Purple Real Estate Welcomes Umar, Oladimeji to Board

By Adedapo Adesanya Nigerian real estate platform, Purple Real Estate Income Plc, has made significant changes to its board, marking a pivotal moment in the company’s growth strategy amid current macro headwinds. The reshuffle brings on Mr Aminu Umar and Mr Olasunkanmi Oladimeji to join the board as Non-Executive Director and Executive Director. The duo of Mr Umar and Mr Oladimeji will take over from Mrs Osareme Archibong and Mrs Fiona Ahimie, both outgoing Independent Non-Executive Directors, according to notice on NASD OTC Securities Exchange, where the company trades its securities. Commenting on the changes, the Chairman of the board,

Image
22-February-2024

AFCON 2023: Nigerian Content Creators See 200% Rise in Revenue, Views

By Adedapo Adesanya Content creators in Nigeria saw a 200 per cent increase in views and revenue between December 2023 and February 2024, a new study shared with Business Post showed. According to new data released by StarNews Mobile, an African video streaming platform, content creators across Africa experienced a 300 per cent surge in revenues during the 2023 Africa Cup of Nations (AFCON) held between January 13 and February 11, 2024, reaffirming the massive surge in consumption of hyper-localized content from the continent. Based on metrics from StarNews Mobile’s platform, creators in Nigeria were only outshone by their peers

Image
22-February-2024

Two Die, 15 Rescued in Ikoyi-Lekki Link Bridge Boat Mishap

By Modupe Gbadeyanka Two persons have been confirmed dead in a boat accident that occurred on Wednesday night at the Ikoyi-Lekki Link bridge in Lagos. The Lagos State Emergency Management Agency (LASEMA), which confirmed the incident, stated that 15 persons were rescued in the mishap. The agency stated that the boat, which was conveying 17 passengers, was heading to the Ikorodu area of the metropolis from its take-off point, Sandfil, when it capsized at the Powerline area of the popular bridge. It said the body of a female passenger, who drowned, was recovered, while the corpse of the male passenger

Image
22-February-2024

NPPAN Targets $10bn Contribution to Nigeria’s GDP via Palm Biomass

By Adedapo Adesanya The federal government will sign a Memorandum of Understanding (MoU) with the Malaysian government to develop palm biomass in the country as part of efforts to utilise one of the undertapped farm produces in the country. Mr Alphosus Inyang, President of the National Palm Produce Association of Nigeria (NPPAN), made this disclosure, saying palm biomass is a multi-billion dollar economy. “Biomass simply means agricultural waste and we are talking about turning waste into wealth,’’ he said in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. The president said NPPAN was working with

Image
22-February-2024

Salesforce Introduces Clean Energy Programme Management

By Modupe Gbadeyanka A new solution to help electric, gas, and water utilities increase customer participation in clean energy programmes has been introduced by Salesforce. The initiative known as Clean Energy Programme Management for Energy & Utilities Cloud streamlines the launch, management, and oversight of energy efficiency, conservation, electrification, and EV charging programs. It helps utilities manage clean energy initiatives with connected data — like energy usage and billing information — and personalised engagement to promote relevant programmes. This platform also digitises and simplifies the application process for customers, participating contractors, and utility program staff to help increase clean energy

Image
22-February-2024

Dangote Sugar to Borrow N50bn from Commercial Paper Sales

By Aduragbemi Omiyale The management of Dangote Sugar Refinery Plc is requesting about N50 billion from capital market investors for its short-term working capital and funding requirements. The sugar miller will get the funds from investors through the sale of commercial papers and has promised to repay in about nine months’ time. The CP sales will be conducted under its N150 billion commercial paper issuance programme approved by the regulatory authorities. It is the first series the company is selling this time and it specifically has a tenor of 266 days with a discount rate of 15.92 per cent and

Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded