Power Revolution: Pan Africa Solar Invests $146 Million In Nigeria

Nigeria is set to launch its 75 mega watts power project valued at the worth of $146 million next year. Pan Africa Solar and the Federal Government of Nigeria have signed Nigeria’s first Solar Power Purchase Agreement (PPA).

It is anticipated that the 75 mega watts project in Katsina state will be commissioned in 2017. The solar power plant will see to the selling of power at the rate of 11.5 US cents per kWh.

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According to Mrs. Lolade Abiola of the Sector Lead Solar and Access Advisory power Team, who represented the Vice President, says that the proposed Nigerian Pan Africa Solar project, with the exception of South Africa will be the largest of its kind in sub-Saharan Africa.

The office of the Vice President gives assurance that the project will be of multiple benefits for the people. First, the project will provide power for 1.1 million Nigerians. Secondly, it will provide jobs for Nigerians.

Mrs. Abiola says that 500 jobs will be available for local people within the 12 month period of construction; and about 40,000 new jobs will be available after the power plant is up and running.

After the announcement at the groundbreaking ceremony, the Chief Executive Officer (CEO), Pan Africa Solar, Mr. Marcus Heal expressed his joy over the budding development.

“We are delighted that the Federal Ministry of Power is pushing ahead with its solar energy policy. This [11.5 US cents per kWh] tariff has been achieved through harnessing lower construction and lower solar panel prices and the commitments of the project’s Lender.”

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Adding to the brilliance of the Nigerian Pan Africa Solar initiative, Justin Woodward of JCM Capital, a Canadian Private Equity firm who are co-developers of the project believes that the power plant marks the beginning of “solar revolution in Nigeria.”

He says that Pan Africa Solar is developing a 1,000 MW portfolio of solar projects in Nigeria. He also says there are still plans underway to attract an over $1 billion worth of investment in the next 5 years.

The multi-million dollar Nigerian solar power plant is sponsored by Pan Africa Solar and JCM Capital and the African Finance Corporation (AFC).