New Generation Power (NGP), a global leader in the renewable energy industry, together with Motir Seaspire, signed a Memorandum of Understanding (MoU) with the federal government of Nigeria to deliver 1.2 GW of utility-scale PV projects in the west African.
Expected to break ground by next year and be fully operational within the following two years, the completed project will represent an investment of over $2 billion.
Chicago-based NGP has committed to work closely with Motir Seaspire and the Nigerian government throughout planning, financing and construction of the project.
NGP chairman, Dr. Chirinjeev Kathuria, said: "Gaining access to electricity can be life-changing. We are confident our knowledge and experience of creating large-scale solar projects will ensure a successful project.
"The NGP family hopes this introductory project will act as a benchmark for innovative and environmentally-friendly renewable energy projects across Africa that will alter day-to-day life for millions of people."
With plans to fast-track the installation, the Nigerian government is in the process of identifying and allocating suitable land in addition to fulfilling licensing and other project requirements.
Project will improve Nigerian infrastructure
According to Jafer Hasnain, partner at Motir Seaspire, the project aims to connect Nigeria, the U.S. and west Africa by providing a sustainable and efficient energy solution that will not only help the people of Nigeria, but also improve Nigerian energy infrastructure.
Nigeria has enormous solar potential but roughly 60 per cent of Nigerians lack access to power.
"We must support this project, as it will be in tandem with the President's long-time wish for Nigeria to enjoy its abundant solar potential, especially those in rural areas, as it is envisioned that through a project like this, they would be linked to micro or mini-grid systems," said minister of power, Prof. Dr. Chinedu Nebo.
Once completed, the Nigerian Solar Project is expected to deliver around 590,400 MWh of renewable electricity annually.
The project consortium is committed to giving a significant percentage of profits to philanthropic activities in Nigeria that will provide training and healthcare and secure jobs for thousands of skilled Nigerian technicians.
NGP is developing over 3 GW of solar, hydro, wind and thermal projects worldwide and is dedicated to creating state-of-the-art renewable energy facilities in Nigeria beyond the initial 1.2 GW.
