Nigeria and Sun Africa LLC have signed an agreement for the construction of 5,000 megawatts energy plant in Nigeria. The agreement was signed at the US-Africa Business Forum by the Minister of Industry, Trade, and Investment, Mr Adeniyi Adebayo as well as the CEO of Sun Africa, Mr Adam Cortese.
The ceremony took place in the presence of President Biden’s Special Presidential Co-ordinator for the Partnership for Global Infrastructure and Investment, Mr Amos Hochstein. At the ceremony, President Buhari stated that Nigeria had established the vision 30:30:30.
The vision seeks to produce 30 gigawatts of electricity by 2030 with renewable energy making up 30% of the energy mix, and had asked the cooperation of the United States to achieve it.
Sun Africa, Sterling & Wilson Renewable Energy Limited “S&W”, a leading US and international solar EPC company, and the Nigerian government have been working on the development of transformation grid-connected and mini-grids solar projects in multiple locations, including interconnection, electrification and smart meters infrastructure.
Also Read: Plans underway to add 817MWs of electricity to national grid in Nigeria
Other projects in addition to the energy plant in Nigeria
Sun Africa is also installing solar cabins and solar residential systems, where mini-grids are not commercially viable, according to the statement, to ensure a holistic approach to accessing electricity.
According to a statement from Mallam Garba Shehu, Special Assistant to the President on Media and Publicity, the project would be built in various phases across the six geopolitical zones to provide more than 30 million homes with clean, dependable, and inexpensive electricity.
The statement claims that all financial due diligence for the five locations chosen for grid-connected solar projects have been completed. With up to 961 MWp of solar and 455 MWh of battery energy storage .
All financial agreements for the energy plant in Nigeria have been completed by the Federal Ministry of Finance. As well as the US EXIM Bank, ING Bank, and the Debt Management Office DMO. And are concluding the financing arrangements for up to $2 billion. It states that phase 1 construction is anticipated to begin in the first quarter of 2023.
