FG, Two Others Sign 120MW Solar Project

300MW Solar energy
  • FG, Two Others Sign 120MW Solar Project

Hope of improved power supply in the country is being rekindled as the federal government has signed two put/call option agreements, PCOA, with solar developers Afrinegia Nigeria Limited and CT Cosmos Nigeria Limited.

The agreement will see Afrinegia Nigeria Limited develop a 50 megawatts (MW) photovoltaic P, system project, while CT Cosmos Power Company will develop a 70MW installation.

The agreements, coordinated by the Nigerian Bulk Electricity Trading Plc, NBET, are expected to help finalise a power-purchase deal that the federal government had with 14 PV developers in the middle of 2016.

Against this development, Minister of Power, Works and Housing, Fashola stated: “Sometimes when the weather gets stormy and cloudy, like it has been a few months back, some of the first people to go are the moving investors as they look for calmer weather. It is the persistence and perseverance and the indomitable spirit of Nigerians who have invested in Nigeria that will help to support the efforts that the President and Vice President and the Nigerian government are making to rebuild the Nigeria that we want to see.

“It sits very well with our Ministry’s plan to deliver 30 percent of our total energy capacity through renewable energy by 2030. So it has ticked all of the right boxes; what remains now is to tick the final box to get power to people’s’ homes.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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