Nigeria Announces $2.2bn PV Solar Deal with US Firm
By Adedapo Adesanya
The Minister of Power, Mr Adebayo Adelabu, has announced a collaborative $2.2 billion deal with Sun Africa LLC, a US-based renewable energy solutions provider that aligns with the federal government’s power sector transformation roadmap of distributed power leveraging on renewable energy.
Mr Adelabu made the announcement via his X handle (formerly Twitter) on November 19, 2023.
He said Sun Africa has committed to delivering 961 MWp of solar PV generation infrastructure and 455 MWh of battery energy storage systems.
The Minister said the collaborative effort will advance sustainable and reliable energy solutions for the nation adding that it will also address Nigeria’s increasing power demand.
“This addresses Nigeria’s increasing power demand, supporting economic and energy sustainability objectives. This collaboration is a crucial step in transitioning to a more sustainable power mix, vital for economic growth and environmental responsibility.”
“[I am] grateful for Sun Africa’s partnership, I anticipate embarking on a journey to provide cutting-edge renewable power infrastructure to our citizens. Their dedication mirrors our vision for a resilient and energy-abundant Nigeria.”
He revealed that support will come from financing partners ING Bank and Citi, backed by US-EXIM Bank, actively support this venture, committing up to $10 billion over the years.
“This not only aids the initial phase but also supports future developments,” he said.
Mr Adelabu said collaborating with Sterling & Wilson Renewable Energy Limited as the Engineering, Procurement, and Construction (EPC) partner is pivotal, ensuring the successful execution of the project’s initial phase.
“This collaborative effort marks a milestone in advancing sustainable and reliable energy solutions for our nation. It underscores our commitment to providing accessible and eco-friendly power, shaping a more promising future for Nigeria.
“Gratitude to Sun Africa, our financing partners, and all stakeholders involved. Together, we forge a path towards a brighter, greener, and more energy-efficient Nigeria,” he added.
Recall that upon his resumption as minister in August, he affirmed that the power sector is key and critical to turning around the economy in line with President Bola Tinubu’s electoral promises. He added that attention will also be given to renewable and alternative energy sources to fastrack access in rural areas.