Home Business American Investors to spend $106 million on 50MW solar plant

American Investors to spend $106 million on 50MW solar plant

by Business News Report

Global Business Resources, U.S.A, a consortium of international investors are in Nigeria for a follow-up discussion with the officials of Government for the realization of two 50MW each solar-powered plants in Kumbotso, Kano State and Karu, in Abuja, F.C.T.
The Nigerian side, led by the Minister of State for Power, Hon. Mohammed Wakil had earlier met the group in Bridgeport – Miami, U.S.A. The group’s mission in Nigeria is to focus on developing Actionable Renewable energy generation strategy, using abundant solar resources in Nigeria.
According to the copy of proposal submitted to the Ministry yesterday, in addition to putting in place a framework for the building of the 2 plants, the group is prepared to undertake Geographic Information System (GIS) mapping for Renewable energy as done by some African countries like Ghana, South-Africa, Kenya and Ethiopia, as such a move will help facilitate rural electrification projects on a Public Private Partnership agreement, if adopted by Nigeria.
The group has the target to develop a master plan that will fast track 100% Rural electrification in the next five years (5 years), just as it has informed Nigerians that the project will leverage on resources from Obama – Power Africa Initiative.
Speaking on behalf of the Minister, Engr. Abayomi Adebisi said that Nigerians are excited about this initiative, “as the country needs power even as at yesterday”.

While calling on genuine investors to take advantage of this need-gap, he said the vast resources of oil, gas, wind, sun and biomass should be developed for power generation, especially now that the sector has moved from public control to private driven one. Even the Transmission leg in the electricity chain is now managed by private concern and would soon be privatized to allow for more resources into it.
Expressing optimism in the prompt delivery of the project, James Nicholas, who led the Americans, said that Africa has the most promising solar potential in terms of cost, as the U.S has developed cost-effective technology in response to the pressures from Green movements.
From the available information, the cost of 2.06 cents per kilo hour is quite reasonable, adding that 106 million dollars will be required to fund these two plants. The group pledged to work with the ministry and other government agencies in the quest for achieving adequate power supply in the country.

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