New Generation Power (NGP) and local company Motir Seaspire have signed a memorandum of understanding (MOU) with Nigeria’s government to build 1.2GW of solar PV projects.
The partners estimate total investment will exceed $2bn, with construction of the first project to begin soon. Once completed, the Nigerian Solar Project’s components are expected to deliver around 590,400 MWh of electricity annually – enough to power roughly over 1 million Nigerian homes.
At a signing ceremony, Power Minister Chinedu Nebo pledged that President Goodluck Jonathan’s government will fast-track official regulatory and other approvals for the projects.
Nebo says the government has begun the process of identifying and allocating land suitable for the projects.
“The NGP family hopes that this introductory project will act as a benchmark for continued innovative and environmentally friendly renewable energy projects across Africa that will literally alter day-to-day life for millions of people,” says NGP chief executive Charinjeev Bucharia.
Like many African nations, Nigeria has enormous solar energy potential. About 60% of Nigerians lack access to power.