Western Investors to Invest Over $5 Billion in Renewable Energy

The Federal Government has said a consortium of Western investors have presented their plan to invest over $5 billion in the power sector.

According to the Office of the Minister of Power, the investors plan to focus mainly on the renewable energy subsector of the power sector.

Also, it was revealed that the consortium plans to deliver 1,000 megawatts capacity of hybrid solar power within 24 months.

Aaron Artimas, the Special Assistant to the Minister of Power on Media and Communications, who confirmed this to our correspondent in Abuja on Sunday, said the investors presented their plans Mr. Sale Mamman, the Minister of Power.

He said, “A consortium of Western investors interested in investing upwards of $5bn in the Nigerian power sector, with a major focus on the renewable energy sector, pitched their proposal to the Minister of Power @EngrSMamman at the Power House.”

“They made the presentation to the minister of power and it is something that is still fresh. The process is still ongoing and you’ll get updates as we proceed.”

The minister’s aide said Ron Verraneault, the main partner of the consortium led the presentation while other partners joined via zoom.