A Partnership Agreement is in place between Tingo Foods Plc and Evtec Energy to build a $150m photovoltaic power plant. According to an announcement made on Wednesday (February 22nd), the solar power plant, with a capacity of 110MW will provide a sustainable, low-cost source of energy to power the Tingo Foods agri-food processing plant.
The $1.6 billion processing facility is located in Delta State in Nigeria and is expected to be completed by the end of the first half of 2024.
The solar power plant is to be funded by Evtec Energy and its banking partners, Credit Suisse, JPMorgan, and Roth. Furthermore, in accordance with the partnership’s provisions, Tingo Foods will sign a Power Purchase Agreement (PPA). Furthermore, Tingo Foods, Evtec Energy, and their technology partner TAE Power said they would look into similar projects throughout Nigeria. And Sub-Saharan Africa through their relationship and collaboration.
Remarks on the photovoltaic power plant for the Tingo food processing facility
Dozy Mmobuosi, the founder of Tingo Mobile Limited and Tingo Foods PLC, said, “Our collaboration with Evtec Energy is a crucial step toward building a sustainable and creative future for the agro-industrial sectors in Nigeria and Africa. Our dedication to generating jobs and accelerating economic progress is unshakable.
And with the help of top technology professionals, we can realize our vision of a successful and environmentally friendly future. We are only at the beginning of our adventure into the field of sustainable energy. Additionally, we anticipate pursuing additional opportunities for cooperation and innovation in the future.”
Darren Mercer, chief executive officer of MICT says, “The addition of a sustainable energy zero carbon emissions power plant to our food processing plant is yet another major milestone toward our commitment to the United Nations’ Sustainable Development Goals and toward fulfilling our ESG objectives.”
Construction of multi-million Tingo foods processing factory in Delta State begins
The ground-breaking of the first multi-million Tingo foods processing factory in Delta State was celebrated in grand style. The project’s official foundation was laid in Ishiekpe village Onicha-Ugbo, Aniocha North local government area of Delta State.
The event, hosted by Nigerian-born entrepreneur, Dozy Mmobuosi was attended by distinguished members of Nigeria’s government and business community. Including the minister of agriculture and rural development, Dr. Mohammad Mahmood Abubakar. As well as the monarch of the Onicha-Ugbo host community, HRM Obi Chukwumalieze 1, President General of Onicha-Ugbo Patriotic Union, Barr Peter Kogolo, and other respected chiefs of the town.
Tingo Foods is a subsidiary of Tingo International Holdings Incorporation, which is establishing its food processing facility in Delta State, according to a statement provided to newsmen by Dozy Mmobuosi, the company’s founder.
Cost of the Tingo foods processing factory project
Mmobuosi stated that the project will cost 1.6 billion USD. However, it will spare Africa from having to pay foreign exchange to import finished food goods. Additionally, it would promote trade across Africa through the Africa Continental Free Trade Agreement. As well as help market high-quality and nutritious food items in Nigeria. The factory is expected to start producing in the next 18 to 24 months.
Mmobuosi, a well-known software genius, is making a massive investment to give back to Delta, his birthplace. He has promised to transform the African food industry and give the millions of young people in Nigeria direct jobs. As well as significantly boosting the Nigerian economy and advancing the United Nations’ Sustainable Development Goals (SDGs).
The SDGs aim is to eradicate poverty, safeguard the environment, and guarantee everyone’s prosperity. The job and wealth creation of the Tingo foods processing factory will help support SDG 8, Decent Work and Economic Growth, and SDG 2, Zero Hunger.
Furthermore, the African food processing sector has recently grown slowly, with low productivity and inefficient use of human resources.