By virture of this agreement, the Nova Scotia plant which will be located near Dutse will now be able to draw upon the financial support of Africa50, an infrastructure fund sponsored by the ADB and boasting the involvement of more than 20 African states as well as the Norwegian Investment Fund for Development Countries, Norfund.
According to Scatec Solar, the involvement of Africa50 in this solar project could potentially attract up to $2 billion of investments into Jigawa state, delivering much-needed jobs and economic opportunities to the region while providing more power to the country.
The signing of the Joint Development Agreement (JDA) was attended by Norwegian foreign minister Børge Brende, Jigawa State Deputy Governor, Ibrahim Hassan Hadejia and officials from Nigeria’s Bulk Electricity Trading (NBET).
“New local power generation capacity is a key element to attract sizable investment into the state and region,” said Hadejia.
Scatec Solar representative and Executive Vice President, Terje Pilskog said, “With the government of Norway taking a direct investment role through Norfund, significant regional and Nigerian ownership through Africa50, and the track-record of Scatec Solar, this offers one of the most solid partnerships for solar PV projects globally,”
The Nova Scotia solar park is a $150 million investment that has already drawn upon the American Overseas Private Investment Corporation (OPIC) and the Islamic Development Bank as equity investors, with NBET signing a 20-year PPA for the solar energy produced at the plant.