French Global EcoPower (GEP) has backed out from the Nova Power acquisition. GEP had started, in February, the buyout process, under condition precedent, for the young Moroccan solar plant development company which operates in Morocco, West Africa and Middle East.

These conditions not being exercised within the deadline is the main reason for abandoning the operation started by the French company. The project for developing solar plants of 500 MW in Nigeria to be undertaken by Nova Power, in partnership with Total, did not come to fruition. The deterioration of the Nigerian political situation due to the terrorist threat and corruption are the other reasons put forward by GEP.

The company had made a first down payment of USD 15.3 million which should have been followed by a payment based on the performance of Nova Power. GEP announced that it wanted to focus on its other external expansion projects.