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Foreign investors to commit $5bn to renewable energy projects in Nigeria

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Saleh Mamman, Nigeria’s minister of power, said that a consortium of foreign investors are looking to invest $5 billion in renewable energy projects across the country.

Mamman said on Monday that these investors have presented their proposals.

The investors pitched a proposal to build a 1000 megawatts (MW) hybrid solar power project within 24 months and partner in grid infrastructure development, the minister said.

The new development was made known in a Twitter post by the office of the minister of power. https://twitter.com/PowerMinNigeria/status/1300893965877682176

“A consortium of Western investors interested in investing upwards of $5 billion in the Nigerian power sector with a major focus on the renewable energy sector, just finished pitching their proposal to the Hon. Minister of Power Sale Mamman at the Power House,” the tweet noted.

“The main partner, Mr Ron Verraneault, lead the presentation to the Hon. Minister while his other partners linked in via Zoom. They also intend to deliver 1000MW capacity of hybrid solar power within 24 months and partner in grid infrastructure development across Nigeria.

“The Hon. Minister was joined by his Special Adviser on Policy Mr Abba Aliyu, his Technical Adviser on Strategic Coordination Dr Nurain Hassan Ibrahim, the Deputy Director Renewable Energy at the Ministry, Engr. Abubakar and his TA on ICT and Digital Comms Engr Abba.”

Nigeria has an installed generation capacity of 12,954MW, with a generation capacity of 7,652MW.

Although, the transmission wheeling capacity is 8,100MW, due to challenges, the TCN cannot wheel beyond 6,000MW.

Nigeria regularly experiences system collapse due to limited capacity from the distribution companies (DisC0s).

Analysts say that the new renewable energy project is expected to expand the country’s electricity supply.

 

 

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