Pan Africa Solar Sets To Invest $1bn In Nigeria In One Year

Pan Africa Solar, a utility scale solar energy company, has disclosed that it is developing a plan to bring more than $1 billion in foreign direct investments into the country over the next five years.

The firm has also signed 1,000 solar c megawatt portfolio of solar projects with the Nigeria Bulk Energy Trader (NBET) in Abuja.

Marcus Heal, the company’s chief executive officer stated this in Abuja when he signed  Nigeria’s first ever solar power purchase agreement with the NBET’s acting Managing Director/Chief Executive Officer, Mr. Waziri Bintube in Abuja recently.

The PPA signed with NBET was to pave way for the commencement of the 75mw solar photovoltaic power project, located in Katsina State worth $146 million.

When completed, energy produced from the plant projected to be commissioned in 2017, will be sold for a tariff of 11.5 cents per kWh.

Pan Africa Solar says that once commissioned, this 75mw solar project will be the largest of its kind in Sub Saharan Africa and will provide power for 1.1 million Nigerians.

A consortium of sponsors for the project is made up of Pan Africa Solar, JCM Capital and the African Finance Corporation (AFC).

FMO are the lead arrangers of debt raised from the development finance institutions that include DEG and Proparco. The project is also receiving support from the World Bank, Power Africa and MIGA.