Federal Government secures a substantial amount of $2.2 billion for the development of Nigeria’s power sector. The announcement was made by Adebayo Adelabu, the Minister of Power, after a meeting with representatives of Sun Africa LCC, headed by its Chairman, Goran Rajsic, as stated in a release by the Federal Ministry of Power in Abuja on Sunday.
The firm, Sun Africa LCC, has committed to supporting the Federal Government in the provision of crucial power infrastructure for Nigeria, with the formalization of the commitment. The project’s initial phase will prioritize the delivery of 961 MWp of solar PV infrastructure and 455 MWh of battery energy storage, with an estimated value of $2.2 billion.
Adebayo Adelabu emphasized Nigeria’s significant need for new power infrastructure to meet economic demands and facilitate the transition to sustainability, considering it as Africa’s largest economy. On the other hand, Rajsic expressed gratitude and acknowledged the support from partners in developing the project, featuring advanced solar PV and battery storage technologies, financed with affordable, long-term debt under OECD guidelines.
