The Federal Government on Thursday in Abuja
signed a Front-Runner Solar Power Purchase
Agreements (PPAs) worth 1.75 billion dollars with
14 companies to build 1125 Megawatts(MW)
capacity of renewable power in the country.
signed a Front-Runner Solar Power Purchase
Agreements (PPAs) worth 1.75 billion dollars with
14 companies to build 1125 Megawatts(MW)
capacity of renewable power in the country.
Mr. Babatunde Fashola, Minister of Power, Works
and Housing, who signed the documents on behalf
of the government, said the agreement was to
demonstrate government’s commitment to diversify
Nigeria’s power industry.
The minister listed the companies as Pan Africa
Solar with 75mw of electricity to be located in
Kankia Local Government in Katsina and Nigerian
Solar Capital Partners, 100mw located in Ganjuwa,
Bauchi state.
Others are Afrinergia Power Limited, 50mw located
in Kokowa, Nasarawa State; Motir Dusable Limited,
100 MW in Udi, Enugu State and Nova Solar 5
Farm Limited, 100mw located in Katsina State.
Also Kvk Power Nigeria Pvt Limited, 100mw
located in Yabo of Sokoto state; Middle Band
Solar One Limited, 100mw in Lokoja West in Kogi
and LR Aaron Power Limited, 100mw in FCT
Nova Scotia Power Development Limited, 80mw
located in Dutse; CT Cosmos, 70 MW located in
Kaduna West in Kaduna State and Oriental
Renewable Solutions, 50mw in Kakowa, Jigawa.
Quaint Abiba Power Limited, 50mw located in
Manchor Local Government of Kaduna State and
Anjeed Innova Group, 100mw located in
Kafanchan, also in Kaduna State.
According to Fashola, the PPAs are the heart and
soul of financing the power industry.
Fashola disclosed that before the year 2030, Nigeria
would have achieved 30 per cent capacity in
renewable energy, adding that Nigeria would invest
in renewable power in areas such as Biomass and
coal.
He explained that the era had gone when the
country would depend on one source to generate its
electricity.
He added that Nigeria sited many of its solar
energy projects in the northern part of the country
because the area had more sun radiation than other
parts.
The minister expressed happiness over the
confidence the investors had to invest in Nigeria’s
power sector not minding challenges in the
industry.
He assured the investors that the Federal
Government would provide them with good
investment climate but would not tolerate low
standard in the quality of their projects.
Earlier, Mr. Waziri Bintube, Acting Managing
Director, Nigerian Bulk Electricity Trading PLC,
expressed happiness that the energy sector was
making progress in ensuring that Nigerians had
quality and stable electricity.
Mr. Marcus Heal, Managing Director of Pan Africa
Solar, who spoke on behalf of the investors,
thanked states, Federal Government and other
agencies that assisted the investors to succeed in
getting their PPAs.
He expressed dissatisfaction with the low rate of
the tariff regime in the sector, adding that the
investors had expected high tariff in the energy
industry.
