The Federal Government has signed a Front-Runner Solar Power Purchase Agreements (PPAs) worth $1.75bn with 14 firms to build 1125 Megawatts(MW) capacity of renewable power in the country.
Babatunde Fashola, Minister of Power, Works and Housing, who signed the documents on behalf of the government, said the agreement was to demonstrate the government’s commitment to diversify Nigeria’s power industry.
The minister listed the companies as
Pan Africa Solar with 75mw of electricity to be located in Kankia area, Katsina and Nigerian Solar Capital Partners, 100mw located in Ganjuwa, Bauchi state.
Others are Afrinergia Power Limited, 50mw located in Kokowa, Nasarawa State; Motir Dusable Ltd, 100 MW in Udi, Enugu State and Nova Solar 5 Farm Limited, 100mw located in Katsina State.
Also Kvk Power Nigeria Pvt Limited, 100mw located in Yabo of Sokoto state; Middle Band Solar One Limited, 100mw in Lokoja West in Kogi and LR Aaron Power Limited, 100mw in FCT
Nova Scotia Power Development Limited, 80mw located in Dutse; CT Cosmos, 70 MW located in Kaduna West in Kaduna State and Oriental Renewable Solutions, 50mw in Kakowa, Jigawa.
Quaint Abiba Power Limited, 50mw located in Manchor Local Government of Kaduna State and Anjeed Innova Group, 100mw located in Kafanchan, also in Kaduna State.
According to Fashola, the PPAs are the heart and soul of financing the power industry.
Fashola said before the year 2030, Nigeria would have achieved 30 per cent capacity in renewable energy, adding that Nigeria would invest in renewable power in areas such as Biomass and coal.
He explained that the era had gone when the country would depend on one source for its electricity.
He added that Nigeria sited many of its solar energy projects in the northern part of the country because the area had more sun radiation than other parts.
The minister expressed happiness over the confidence the investors had to invest in Nigeria’s power sector not minding challenges in the industry.
He assured the investors that the Federal Government would provide them with good investment climate but would not tolerate low standard in the quality of their projects.