Nigeria: GreenWish to invest $280 m to construct solar plants totaling 200 MW in three states
(Ecofin Agency) - GreenWish Partners will invest $280 million to build solar power plants in three states in Nigeria. These power plants are expected to start producing electricity in the first quarter of 2018.
According to CEO, Charlotte Aubin-Kalaidjian, the company will construct a power plant in the southeastern state of Enugu to produce 100 MW, and two others of 50 MW each in the northern Kaduna and Jigawa states. While 70% of the project is to be financed through debt, the remaining 30% will be mobilized through equity. Once completed, it will provide power to 2.5 million people.
“We only take risks where solar makes sense, where it is competitive and where there is political support. This government is very committed to developing power and renewables, especially in regions where there is no gas available,” she said.
Nigeria has the capacity to generate only about 4,000 MW of electricity and currently faces an energy shortfall of 8,000 MW. Most of the country’s plans for new capacity revolved around using natural gas from the southern petroleum region not until last year when the Minister for Power, Works and Housing, Babatunde Fashola, introduced a framework to accommodate solar power producers.
This new framework has resulted in a power purchase agreement with the Nigerian Bulk Electricity Trading Plc (NBET), to enable GreenWish sell to the national grid.