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2017′ Solar power project will be commission

IF the Nigeria federal government will be able to work with the power sectors as it ought to be, i strongly believe that Nigerian will all smile with the project of 75 mega watt of electricity which ought to be at the stage of commissioning by the end of 2017 and project value falls at the rate of $146 million. This is part of the Solar Power project indexPurchase Agreement, PPA signed by the Federal Government and Pan Africa Solar, recently at the office of the Nigeria Bulk Energy Trader, NBET. The 75MW solar photo voltaic power project located in Katsina State, expected to be commissioned in 2017, will sell power for a tariff of 11.5 US cents per kWh. As the ceremony proceeds the vice president of the federal republic of Nigeria professor yemi osinbajo[SAN]speaking on behalf of the vice president Mrs Lolade Abiola of the Sector Lead Solar and Access Advisory power Team, Office of the Vice President, said once commissioned, the 75MW solar project will be the largest of its type in Sub Saharan Africa (excluding South Africa) and will provide power for 1.1 million Nigerians. During this period of installation job opportunity will be created for 500 youth and it will last for at list a year,these will also lead to automatic employment of 40,000 applicant to work in the power plant. Pan Africa Solar Chief Executive Officer, Mr. Marcus Heal, commended the Federal Ministry of Power for pushing ahead with its solar energy policy, saying that the 11.5 US cents tariff was achieved through ‘’harnessing lower construction and lower solar panel prices and the commitments of the project’s Lender”. He said that Pan Africa Solar is developing a 1,000 MW portfolio of solar projects in Nigeria and is planning of bringing more than US$1 billion of investment over the next five years. According to him, the sponsor group for the solar power project includes Pan Africa Solar and JCM Capital and the African Finance co operation (AFC). The FMO are the Lead Arrangers of debt raised from the Development Finance Institutions that includes DEG and Proparco. The project is also receiving support from the World Bank, Power Africa and MIGA. Justin Woodward of JCM Capital, a Canadian Private Equity firm, a co-developers in the solar power project said, “This is the start of a solar revolution in Nigeria.”



This post first appeared on Todaynaija.com.ng, please read the originial post: here

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2017′ Solar power project will be commission

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