Korean Firm to Invest U.S.$30 Billion in Solar Power Plants in Nigeria

A Korean firm, HQMC Korea Company Ltd, has indicated interest to invest $30 billion (about N4.62 trillion) to build 10, 000 megawatts solar power plant in Nigeria.

Speaking yesterday in Abuja during a meeting with the management of the Nigerian Investment Promotion Commission (NIPC), the Chief Executive Officer of the Company, Mr. Kin Moon said that the investment will be spread over 10 years.

He said that the construction of the plant which is expected to commence in January 2014, has a target to provide 1000 megawatts every year for 10 years.

He said that his company has plans to build 300 megawatts of photophobic panel plants and other solar thermal technology (Z 20 Units), adding that about 10, 000 jobs are expected to be generated when the project takes off, while $1.8 billion will be generated annually from the projects.

He added that about 83, 999.99 hectares of land will be required to actualize the project in the country.

Mr. Kin Moon is said to have 20 years experience in renewable energy and to have built the first solar power plant in South Korea.

In his remarks, the Executive Secretary of NIPC, Engineer Mustafa Bello, who was represented by the Director, One Stop Investment Centre, Mr. Amos Sakaba, expressed appreciation to the Korean company for considering Nigeria as its preferred investment destination in Africa.

He noted that the power sector is considered one of the highest priority of the Federal Government, adding that the Korean company has made the right choice to invest in the sector as the demand of energy in Nigeria is far from being met.

The sector is very lucrative for potential and genuine investors.

He explained that the NIPC’s primary mandate is to facilitate investment both local and foreign to the economy, saying that, “we are prepared to work with you, give a helping hand, support and assist you in every way possible to ensure your smooth take off in the country.”