Sol Africa LLCan international organization, has pledged to support President Bola Tinubu’s administration with $2.2 billion to provide vital energy infrastructure for Nigeria.
Bolaji Tunji, Special Adviser on Strategic Communication and Public Relations to the Minister of Energy, made this known in a statement in Abuja on Sunday.
Tunji stated that the commitment, formalized during the week, was disclosed by the Minister of Energy, Adebayo Adelabu, after a meeting with representatives of Sun Africa, led by its president, Goran Rajsic.
The minister said the initial phase of the project would focus on delivering 961 megawatt peak (MWp) of solar photovoltaic (PV) infrastructure and 455 MWh of battery energy storage, valued at approximately $2.2 billion.
“Sun Africa, with its partners, will implement this transformative project in the coming months,” he said.
According to Mr. Adelabu, as Africa’s largest economy, Nigeria faces significant demands for new energy infrastructure to meet economic needs and transition to a sustainable energy mix.
“The commitment of all parties involved ensures close collaboration to deliver this vital renewable energy infrastructure, meeting the needs of the nation,” he said.
For his part, Rajsic thanked the partners for their support in the design of this cutting-edge project, which includes leading solar PV and battery storage technologies, financed with affordable long-term debt according to OECD guidelines.
The OECD guidelines are for multinational companies on responsible business conduct; The guidelines are recommendations jointly addressed by governments of multinational companies to improve business contribution to sustainable development and address adverse impacts associated with business activities on people.
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He said Sun Africa’s financial partners, ING Bank and Citi, had also emphasized their commitment to up to $10 billion in financing projects in the coming years.
”This support extends to both the initial phase and future developments.
”In addition, Sun Africa is collaborating with Sterling & Wilson Renewable Energy Limited, its Engineering, Procurement and Construction (EPC) partner, playing a key role in providing services for the initial phase of the project.
“The joint efforts represent a notable milestone in advancing sustainable and reliable energy solutions for Nigerians, aligning with the commitment to drive positive change through innovative renewable energy solutions,” he said. (YAYA)