$100 Million Investment Announced For Nigeria’s First Utility-Scale Solar Power Project
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Nigeria’s solar power ambitions have received a major boost as two global companies have come together to invest $100 million in the country’s first utility-scale solar power project.
Project developer Access Infra and asset management company Quaint Global Energy Solutions have announced plans to jointly invest $100 million in a 50 MW solar power project in Nigeria. The ABIBA solar power project will be located in the Kaduna state.
The investment is a result of the Access Co-Development Facility competition launched by Access Infra as a platform to facilitate development of renewable energy projects in Africa. Construction on the project is expected to begin in six months, and should be completed in a year.
Recently, Nigeria approved feed-in tariff regulations for renewable energy projects, with electricity distribution companies required to source at least 50% of their total procurement from renewable energy sources.
Several foreign project developers have already announced plans to develop large-scale renewable energy projects in Nigeria. Solius NGPC, Peoples Home Association, and Solar Force Nigeria Limited, all have plans to set up a cumulative solar power capacity of 1 GW. A joint venture company between SkyPower Global and FAS Energy plans to set up 3 GW of utility-scale solar power projects.
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