– A group of companies targeted building solar power plants in the north
– This was decided after several consideration
+- This is also in line with President Buhari’s focus for the economy
A group of German renewable energy companies led by Nigus has agreed to build five solar power plants worth N183bn ($600m) in some North-Eastern states.
The Punch reports that this was revealed by the Nigerian Investment Promotion Council ans that the plant will generate 100 megawatts of electricity.
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Mr. Abubakar Yerima who is the head of the overseas operation of the NIPC said the choice of the region was reached after much consideration.
He said: “After several meetings and agreements, we had a MoU signed in the United Kingdom, which led to the event of today. Nigus is coming with a complete value chain. The LTI Re Energy is part of the investment and this company (LTI) is one of the largest power firms in Europe, it is a German company.
“Nigus is going to start in Adamawa State, because the radiation there is one of the highest in the country. They will set up their solar farm and beside this farm, LTI will set its production line, making it a complete value chain. In each of the places that they are setting up their plants, they will generate 100MW.
“They will start with five locations and then expand; so, we are looking at 500MW for a start. As soon as they get the licences, they will start setting up their plants and the NIPC has met the necessary agencies in the power sector with respect to this. We are now in the final stages of the Power Purchase Agreement being approved.”
“It is about $600m investment and it is completely a private sector driven initiative. All the investments are coming from the private sector. Where the Federal Government comes in has to do with the licences and permits as well as all other forms of facilitation needed for a smooth process.
“The initiative is driven by a consortium of companies and Nigus is leading. So generally, the investments will be in the states in the North-East as well as some in the North-West, because of the solar radiation in these regions.”
He noted that this was in line with President Muhammadu Buhari’s insistence on power for the benefit of business.
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Mr. Chris Voet who is the Chief Sales Officer, LTI Re Energy said the first plants will be ready by early 2017.
He said: “We are starting now and we will be concluding the first 100MW in the first quarter of 2017 and the subsequent one should come up in the second quarter or thereabout, for it takes us three to six months to set up the assembly plant.”