$5bn solar plan for Nigeria

Nigeria has signed a series of agreements with SkyPower FAS Energy, a joint venture between SkyPower Global and FAS Energy, to develop and operate 3,000 MW of utility-scale solar photovoltaic power plants over the next five years.

The agreements amount to a total investment of $5bn and are set to create more than 30,000 green energy jobs, according to reneweconomy.com.
Solar panels
The parties to the agreements came together at the recent World Economic Forum on Africa where a deal was struck through the Foreign Investment Promotion and Protection Agreement between Canada and Nigeria

The new solar energy installations will be located in the Delta State of Nigeria, long known as the country’s most prolific oil-producing region, and may herald a shift away from fossil fuels.

In the near term, solar energy is expected to play a major role in Africa’s clean energy transition. Solar PV demand across the continent is expected to reach up to 6 GW by 2018, according to NPD SolarBuzz.

The World Bank estimates 44 countries across Africa could develop 170 GW of low-carbon power generation from 3,200 projects – more than twice the region’s current installed capacity.

The $5bn in capital investment for the Nigerian project will come from a combination of bank debt, development bank financing, and equity partners.

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