$2.2 Billion being committed by Sun Africa and its Partners for Power Infrastructure in Nigeria

By Abdul Rahman Bangura-

Photo Credit: IStock

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- This information was disclose in a statement in Abuja on Sunday, November 19th, 2023 by the Special Adviser, Strategic Communication and Public Relations to the Minister of Power of Nigeria – Bolaji Tunji.

Bola Tunji let out, the affirmation disclosed by the Minister of Power – Adebayo Adelabu, after a meeting with delegates of Sun Africa led by its Chairman – Goran Rajsic.

Adelabu stated…the initial phase of the project would concentrate on delivering 961 Megawatts peak (MWpoltaics (PV) infrastructure and 455MWh of battery energy storage, esteemed at roughly $2.2 billion dollars.

”Sun Africa, with its partners, is set to implement this transformative project in the coming months,” he noted.

According to the Minister, as Africa’s largest economy, Nigeria encounters meaningful demands for fresh power infrastructure to support economic necessities and evolution to a bearable power mix.

“The commitment from all parties involved, ensure a close collaboration to execute this vital renewable power infrastructure, addressing the nation’s requirements,” he furthered.

Rajsic thanked the partners for their aid in designing the cutting-edge project, featuring leading solar PV and battery storage technologies, funded with affordable, long-term debt under OECD guidelines.

The OECD Guidelines are for Multinational Enterprises on Responsible Business Conduct; the guidelines are proposals concurrently handled by the administrations of Nigeria of global businesses to make better business contributions to sustainable development and address consequences associated with business activities on people.

He told that Sun Africa’s financing partners, ING Bank and Citi, had furthermore emphasized their commitment to up to $10 billion in financing projects in the coming years.

“This support extends to both the initial phase and future developments.

“Additionally, Sun Africa is collaborating with Sterling & Wilson Renewable Energy Limited, its Engineering, Procurement, and Construction (EPC) partner, by recreating a prominent role in delivering services for the initial project phase.

“The Joint efforts signify a remarkable milestone in advancing sustainable and reliable energy solutions for Nigerians, aligning with the commitment to driving positive change through innovative renewable energy solutions,” he stated.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent