FG secures $2.2bn support to develop Nigeria’s power sector

The federal government says Sun Africa LCC has pledged $2.2 billion to develop Nigeria’s power sector.

Adebayo Adelabu, the Minister of Power, disclosed this after a meeting with representatives of Sun Africa, led by its Chairman, Goran Rajsic, according to a statement issued in Abuja on Sunday by the Federal Ministry of Power.

The statement said the firm would support the Federal Government in providing vital power infrastructure for Nigeria, adding that the commitment had been formalised.

“The project’s initial phase will focus on delivering 961 MWp of solar PV infrastructure and 455 MWh of battery energy storage, valued at approximately $2.2 billion,” it noted.

According to the statement, Adelabu said, “As Africa’s largest economy, Nigeria faces significant demands for new power infrastructure to support economic needs and transition to a sustainable one.”

On his part, Rajsic expressed excitement and thanked partners for their support in designing the project, featuring leading solar PV and battery storage technologies, financed with affordable, long-term debt under OECD guidelines.


Business – Daily Post Nigeria