Nigeria has signed agreements worth $435 million with multiple renewable energy companies in an ambitious move to accelerate solar technology deployment across the country and establish itself as Africa’s renewable energy manufacturing hub. The landmark deals, signed by the Federal Government in partnership with the Rural Electrification Agency, represent a major step toward reversing the country’s dependence on solar panel imports.
The agreements includ’ Renew Power and Tranos deploying 500 megawatts and 600 megawatts of solar capacity respectively in Ogun State, while Tricell Solar Solutions and IRS Green Energy are developing 500 megawatts and 600 megawatts projects in Akwa Ibom and Kano State respectively. PVG Solar is developing a 500 megawatts project in Abuja’s Federal Capital Territory, Auxano Solar is constructing a 150 megawatts project in Lagos, and Vene Photovoltaic Technologies is building a solar panel recycling plant in partnership with Greenlight Planet Sun King Nigeria and Suntisolar Energy Africa, which will produce 2,484 tons annually.
Vice President Kashim Shettima stated that the government is determined to reverse solar panel importation into Nigeria, adding that the deals will catalyze domestic production of smart meters and battery storage infrastructure rollout. The agreements align with the country’s goal to develop 4 gigawatts of solar manufacturing capacity and reach 277 gigawatts of installed power capacity by 2060. According to Shettima, Nigeria’s energy transition offers $410 billion in investment opportunities by 2060.
Source: energycapitalpower.com