75mw power project

IF things go according to plans, Nigeria’s 75
mega watts power project valued at $146 million

will be commissioned next year.
This is part of the Solar Power Purchase
Agreement, PPA signed by the Federal
Government and Pan Africa Solar, recently at the
office of the Nigeria Bulk Energy Trader, NBET.
The 75MW solar photovoltaic power project
located in Katsina State, expected to be
commissioned in 2017, will sell power for a tariff
of 11.5 US cents per kWh.
Speaking at the ground breaking ceremony, the
Vice-President, Prof. Yemi Osinbajo (SAN), who
was represented by Mrs. Lolade Abiola of the
Sector Lead Solar and Access Advisory power
Team, Office of the Vice President, said once
commissioned, the 75MW solar project will be
the largest of its type in Sub Saharan Africa
(excluding South Africa) and will provide power
for 1.1 million Nigerians.
Apart from generating about 500 jobs for local
people during the 12 month construction period,
about 40,000 new jobs will be created from the
additional economic activity stimulated by the
power plant.
Pan Africa Solar Chief Executive Officer, Mr.
Marcus Heal, commended the Federal Ministry of
Power for pushing ahead with its solar energy
policy, saying that the 11.5 US cents tariff was
achieved through ‘’harnessing lower construction
and lower solar panel prices and the
commitments of the project’s Lender”.
He said that Pan Africa Solar is developing a
1,000 MW portfolio of solar projects in Nigeria
and is planning of bringing more than US$1
billion of investment over the next five years.
According to him, the sponsor group for the
project includes Pan Africa Solar and JCM
Capital and the African Finance Corporation
(AFC).
The FMO are the Lead Arrangers of debt raised
from the Development Finance Institutions that
includes DEG and Proparco. The project is also
receiving support from the World Bank, Power
Africa and MIGA.
Justin Woodward of JCM Capital, a Canadian
Private Equity firm, a co-developers in the project
said, “This is the start of a solar revolution in
Nigeria.”