Nigeria and New Generation Power sign $2B+ Memorandum of Understanding (MoU) to deliver 1,200MW of solar energy

Solar Power Plant

New Generation Power, a global leader in the renewable energy industry, together with Motir Seaspire, signed a Memorandum of Understanding (MoU) with the Federal Government of Nigeria to deliver 1,200 megawatts (MW) of utility-scale solar photovoltaic (PV) energy projects within Nigeria.

Expected to break ground by 2015 and be fully operational within the next two years, the completed solar project will represent an investment of over $2 billion USD.

Chicago-based New Generation Power (NGP) has committed to work closely with Motir Seaspire and the Government of Nigeria throughout the planning, financing, and construction of the 1,200 MW solar energy project.

NGP Chairman, Dr. Chirinjeev Kathuria, said, “Gaining access to electricity can be life-changing. We are confident that our knowledge and experience creating large-scale solar projects will ensure a successful project. The NGP family hopes that this introductory project will act as a benchmark for continued innovative and environmentally-friendly renewable energy projects across Africa that will literally alter day-to-day life for millions of people.”

With plans to fast-track the solar installation, the Government of Nigeria is in the process of identifying and allocating land suitable for the project, in addition to licensing and other project requirements.

According to Jafer Hasnain, Partner of Motir Seaspire, the project aims to connect Nigeria, the United States, and West Africa by providing a sustainable and efficient energy solution that will not only help the people of Nigeria, but also improve Nigerian energy infrastructure.

Nigeria has enormous solar energy potential, yet roughly 60 percent of Nigerians lack access to consistent power. Millions of homes and businesses are forced to self-generate electricity using diesel-powered electricity generator.

Once completed, the Nigerian Solar Project is expected to deliver around 590,400 MW-hours of renewable electricity annually – which is enough to power roughly over 1 million Nigerian homes.

NGP is currently developing over 3,000 MW of solar, hydro, wind, & thermal projects across the globe and is dedicated to creating state-of-the-art renewable energy facilities in Nigeria beyond the initial 1,200 MW project.

Source: Business News