The Nigerian government has secured a $2.2 billion solar PV deal with Florida-based Sun Africa through the Ministry of Power.
The Minister of Power, Bayo Adelabu, disclosed this on his X page, stating that the deal was signed on Friday, November 17, 2023, when the company committed to delivering 961 megawatts peak (MWp) of solar photovoltaic power generation infrastructure and 455 megawatts of battery storage system.
Adebayo revealed that he represented President Bola Tinubu at the commissioning and coordination centre in Cotonou, Benin Republic.
According to the minister, the ECOWAS initiative ensures hitch-free power transmission and market-driven energy trading across West Africa.
Per the minister, the partnership is essential to a more durable power mix, critical for economic growth and environmental sustenance.
Adelabu said the financing partners ING Bank and Citi, supported by the United States Export-Import Bank, are backing the deal by committing $10 billion spanning several years.
The support by the financial institutions helps the initial phase of the project and supports future developments, the minister said.
He stressed that Sterling & Wilson Renewable Energy Limited has been identified as the project’s engineering, procurement, and construction partners.
Several countries and companies show renewed interest in Nigeria’s power sector next to the oil industry.
