A Paris-based investment company has announced plans to set up utility-scale solar power projects in Nigeria.
GreenWish Partners, an investment company working in the renewable energy sector in sub-Saharan Africa has announced that it will se tup two solar power projects of 50 MW capacity each in northern Nigeria. The total investment for the projects is expected to be around US$130-150 million. The projects are expected to be commissioned next year.
These projects will likely be GreenWish’s first foray into the utility-scale solar market in Nigeria. The company already operates off-grid solar power sites for banks and telecom towers.
GreenWish CEO Chief Executive Officer Charlotte Aubin-Kalaidjian stated that Nigeria is an apt place to develop solar power projects due to high resource availability, increasing power demand, over-dependence on fossil fuels and the governmental support for development of renewable energy resources.
A number of companies recently signed agreements with the Nigerian government to set up utility-scale solar power projects. Nigeria Bulk Electricity Trading signed long-term agreements for more than 1,000 MW of solar power projects.
The development of solar power projects in Nigeria has full support and regulatory backing of the government. Last year, the Nigerian Electricity Regulatory Commission approved feed-in tariff regulations for renewable energy sourced electricity. As per the provisions of the regulations, electricity distribution companies will be required to source at least 50% of their total procurement from renewable energy sources. The Commission has also mandated that the balance 50% electricity would have to be sourced from Nigerian Bulk Electricity Trading Company.