As renewable energy continues to gain ground around the world and particularly in the country, the government, investors and other stakeholders are beginning to give the sector the attention it deserves.
This was epitomised with the new agreement reached between the Federal Government and Nigus Investments, working with German renewable solutions provider LTI ReEnergy with the support of NIPC (Nigerian Investment Promotion Commission). This agreement is to build five 100 MW solar power plants worth $600 million in North-Eastern states of Nigeria. The agreement also includes the plan to set up a renewable energy hub in Sebore Export Processing Zone in Adamawa State.
“We would like to exploit the enormous potential for solar business in our country and we believe that Nigeria will become the renewable energy hub for ECOWAS (The Economic Community of West African States)” stated HRH Prince Malik Ado-Ibrahim, Chairman of Nigus Investments.
“Together with LTI ReEnergy and other partners and significant involvement and support of NIPC, we will help our country to reach this goal not only by building solar power plants but also by setting up the whole renewable energy value chain hub in Sebore EPZ”.
Nigeria requires about 20,000MW to run its economy but struggles to keep its daily generation around a 4000MW average.
The groundbreaking of the first of the 5 projects is expected to happen in the first quarter of the new year. The second is expected to follow closely in the second quarter of 2017. This is according to Chris Voet, Chief Sales Officer at LTI ReEnergy
“We are honoured that we can contribute to the solar boom in Nigeria and joining (sic) the renewable energy production hub in the country as it is a part of our ‘German heart and local content’ strategy”, he said.
The plans of the cooperation were revealed during the first ever solar event in the country “Nigus-LTI Solar Investment Summit” which recently gathered representatives of the relevant Government Agencies such as Nigeria Electricity Regulatory Commission (NERC), Transmission Company of Nigeria (TCN) or Nigerian Bulk Electricity Trading PLC (NBET) as well as key industry and business stakeholders and national media.