- Forte Oil diversifies into solar power business
A major player in the nation’s downstream oil and gas sector, Forte Oil Plc, has unveiled its alternative solar energy initiative aimed at bridging the electricity gap in the country.
The Group Chief Executive Officer, Forte Oil, Mr. Akin Akinfemiwa, said at the launch in Lagos that the company decided to invest in solar energy to offer medium-income earners in the country “cost-effective power solutions.”
He said, “The FO solar is out to complement the Federal Government’s power reform, which is aimed at achieving uninterrupted power supply in the country. Once there is stable power supply, the multiplier effect on the economy is enormous.
“Besides the fact that it brings down the cost of goods and services, consumers conserve more money, which is diverted to other areas of the economy. This will lead to the rise in the nation’s GDP. We also see it as something that supports the economy in terms of poverty alleviation.”
Akinfemiwa added, “Our solar is mobile, very efficient. It is made up of panel system, customised batteries. This is the solution that meets the needs of the medium-income group who have for so long relied on generators for their energy needs, pending the time the nation is able to solve its power supply problem.”
The Lagos State Commissioner for Energy and Mineral Resources, Mr. Olawale Oluwo, said, “This partnership comes at a time when the Lagos State Government is targeting 3,000 megawatts of electricity off grid and independent of Niger Delta gas.
“I see this product as complementary to what the state government is doing. We are ready to give support where necessary as we plan our embedded power. We have seen different types of solar power in use before now, including roadside technology that we have been contacting that didn’t work.”