Less than three months after a foreign group has sealed a deal to invest over $500m in Solar Power farms in the North East region of the country, another set of foreign direct investment (FDI) in the sector is underway.
Paris-based independent power producer, Greenwish Partners has announced readiness to invest $280m to build solar power plants in Nigeria. The installations are expected to begin generation of electricity in the first quarter of next year.
Chief Executive Officer, Charlotte Aubin-Kalaidjian, said in an interview with Bloomberg in Lagos that a plant in Enugu State will produce 100 megawatts, while the company will build two others of 50MW each in Kaduna and Jigawa States.
She said the project would be funded 70 per cent through debt and 30 per cent through equity, and provide power to 2.5 million people on completion.
“We only take risks where solar makes sense, where it is competitive and where there is political support. This government is very committed to developing power and renewables, especially in regions where there is no gas available.
Nigeria faces an 8,000MW energy shortfall, having capacity to generate only about 4,500MW of electricity.
