Scatec Solar has signed an agreement with Canadian renewable energy group CDIL and Nigerian consulting company BPS for a 100 MW solar power plant project in the Nigerian state of Jigawa.
Scatec Solar will develop, build, own and operate the Nova Scotia Power plant, which it expects to reach financial close in 2017 and commercial operations 12 months thereafter. The project has a 20-year power purchase agreement with the Nigerian Bulk Electricity Trading Plc (NBET).
"Solar power in Nigeria has significant long-term potential, and we want to take part in the development of this new market," said Scatec Solar CEO Raymond Carlsen. The chief exec said the investment followed an extensive review, adding that the Nova Scotia Power project stood out due to "exceptional fundamentals," including the quality of its site, development standards and equity funded by Scatec Solar and its partners. As a result, the project is positioned to progress rapidly to financial close, he said.
Arif Mohiuddin, president and CEO of CDIL parent group CPCS, noted the importance of partnering with a company that was "able to bring the project to financial close and with whom we share a long-term vision." Mohiuddin said Scatec Solar had demonstrated a "unique ability to deliver similar projects in Africa." CDIL focuses on renewable energy development in Africa.
Scatec Solar produces electricity from 404 MW of solar power plants worldwide and is a leading independent solar power producer in Africa with nearly half of this capacity located on the continent.
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