Babatunde Fashola, Minister of Power, Works and Housing |
The
Federal Government on Thursday in Abuja signed a Front-Runner Solar
Power Purchase Agreements (PPAs) worth 1.75 billion dollars with 14
companies to build 1.125 Megawatts(MW) capacity of renewable power in
the country.
Mr. Babatunde Fashola, Minister of Power, Works and
Housing, who signed the documents on behalf of the government, said the
agreement was to demonstrate 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 Local
Government in 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 Limited, 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
disclosed that 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 to generate 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.
Earlier,
Mr. Waziri Bintube, Acting Managing Director, Nigerian Bulk Electricity
Trading PLC, expressed happiness that the energy sector was making
progress in ensuring that Nigerians had quality and stable electricity.
Mr.
Marcus Heal, Managing Director of Pan Africa Solar, who spoke on behalf
of the investors, thanked states, Federal Government and other agencies
that assisted the investors to succeed in getting their PPAs.
He
expressed dissatisfaction with the low rate of the tariff regime in the
sector, adding that the investors had expected high tariff in the energy
industry.
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