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
- Blackstone eyeing power generation and distribution opportunities in Africa: Stephen Schwarzman, Chairman and CEO, The Blackstone Group
- Africa-focused private equity funds AFC and Harith merge $3.3 billion in electric power assets
- Private equity fund backed by two of South Africa’s richest men raises $345M to invest in Africa
- Angola to Buy Trains & Power Generators From GE in $1B Deal Financed by US Ex-Im Bank
- Three exciting developments in the solar power space in Africa
- President Goodluck Ebele Jonathan (“GEJ”) of Nigeria is clueless, incompetent, and callous: 35 reasons why this is a big lie
- In Africa’s oil capital, Africa’s richest man built an empire on sugar
- GE books $2.5B in African orders from oil to locomotives, beating 2018 target by $500M
- Heirs Holdings can generate a quarter of Nigeria’s power needs within the next five years: Tony Elumelu, Chairman, Heirs Holdings
- Dubai-based Access Power launches finance vehicle aimed at African energy projects
- Scatec Solar and Norfund sign power purchase agreement for Mozambique’s first large-scale solar plant
- The Grand Ethiopian Renaissance Dam: The $5B project that could turn Ethiopia into Africa’s water powerhouse
- Here are the eight candidates running for African Development Bank President
- Renewable energy could supply nearly a quarter of Africa’s power needs by 2030
- New York pension fund to invest up to $5.4B in Africa
- Geopolitics Key to South Africa’s $100 Billion Nuclear Plan
- Blackstone’s Black Rhino looks at renewable power investments in Ethiopia
- SkyPower signs $2.2B agreement to build 1 GW of solar energy projects in Kenya
- Fresh off the heels of $7M capital raise, Tanzanian solar-as-a-service startup Off Grid Electric raises another $16M
- Africa’s fastest growing economy Ethiopia agrees on first deal for privately produced electricity
- South Africa just opened the continent’s first solar-powered airport
- Nigeria plans $25B infrastructure fund
- ARM to launch Nigeria’s first infrastructure fund with $250M
- Nigeria’s former Power Minister Barth Nnaji’s Geometric Power partners with GE to build 1,080 MW plant in Nigeria
- Eczellon Capital launches $250M West Africa-focused private equity fund in bet on regional growth
- Kenya Plans First Nuclear Power Plant at $5 Billion Cost
- Aliko Dangote, Africa’s richest man, partners with Blackstone and Carlyle for Africa investments
- Why you should care who’s in line to run the African Development Bank
- Nigeria and US sign MoU on 1,500MW power plant
- Abengoa closes $660M in financing for South Africa solar power plant
- Power reform shines a light on Nigerian stocks
- 11 giant infrastructure projects that are reshaping Africa
- Africa’s megaprojects: 326 billion reasons Africa is on the move (Photos, Infographic & Video)
- Africa’s neither ‘rising’ nor ‘falling’ but it is growing. Fast
- Gulf states investing in series of projects to power Africa growth
- Blackstone and Black Rhino announce appointment of Lamido Sanusi, Emir of Kano and former Central Bank of Nigeria Governor, as Chairman of Black Rhino
- Here are seven of Africa’s largest infrastructure projects currently under construction (Photos)
- Boston Consulting Group opens office in Lagos, 4th in Africa
- Lagos, Nigeria: Africa’s Big Apple
- Google to Buy Into Africa’s Largest Wind Farm in Northern Kenya