Nigeria Secures USD 473m Loans to Support Solar, Grid Projects

No Comments » August 4th, 2016 posted by // Categories: Energy Development Project



 

SPARK ONLINE

 

Nigeria Secures USD 473m Loans to Support Solar, Grid Projects

 

Nigeria has secured a loan of USD 273 million for the Nigeria Bulk Trading Company, supporting its efforts to expand the country’s use of solar power, renewables.seenews reorts.
The minister power, works and housing, Babatunde Fashola, said that another loan of USD 200 million from the African Development Bank will go to finance grid upgrades.
Fashola said, by the end of 2016 Nigeria is expected to have 6 GW of power generation capacity. This will grow to 10 GW in 2019 and 30 GW in 2030.
In July 14 companies signed PPAs for solar projects in nine Nigerian states. The list includes power plants with capacities of between 50 MW and 100 MW.
Fashola also said, there will be partial risk guarantees for the 1.15 GW of solar projects that recently signed power purchase agreements (PPAs) in Nigeria.

SPARK ONLINE

FG to Grant $273m for 14 New Solar Power Project

 

The federal government is to provide up to $273million worth of Partial Risk Guarantee (PRG) for the 14 new solar power projects for which the Power Purchase Agreements (PPAs) was signed recently,ThisDay reports.
The Minister of Power, Works and Housing, Babatunde Fashola said that the Federal Government is to provide a Partial Risk Guarantee (PRG) worth $273million for the 14 new solar power projects for the Power Purchase Agreements (PPAs) signed.
According to Fashola in a statement from the head of press in the ministry of power, Timothy Oyedeji said the government sourced for this fund to enable the Nigerian Bulk Electricity Trading Plc (NBET) guarantee the PPAs it signed with the firms for the solar projects.
The 14 solar projects which is to be built in Kaduna; Jigawa; Sokoto; Kogi; Enugu; Nasawa; and the federal capital territory Abuja, amongst other. They are to jointly add about 1,150 megawatts (MW) of electricity to Nigeria’s grid.
Fashola stated this when a delegation of the International Monetary Fund (IMF) led by its Chief of Mission in Nigeria, Gene Leone paid him a visit, he was represented by the Minister of State for Power, Works and Housing, Mustapha Baba Shehuri.
He noted that another $200 million financial facility was being negotiated from the African Development Bank (AfDB) for the Transmission Company of Nigeria (TCN) to help in its upgrade plans for the transmission network.

Opt In Image
Send Me Free Email Updates

(enter your email address below)

Leave a Reply

*

Home | About | Contact | Login