FG gets $2.2bn backing to develop Nigeria’s power sector

The federal government has announced that Sun Africa LCC has committed $2.2 billion to develop Nigeria’s power sector.

The Minister of Power, Adebayo Adelabu, made this known after a meeting with Sun Africa’s representatives, headed by its Chairman, Goran Rajsic, as per a statement released in Abuja on Sunday by the Federal Ministry of Power.

The statement said the firm would assist the Federal Government in delivering essential power infrastructure for Nigeria, adding that the commitment had been sealed.

“The project’s first phase will concentrate on delivering 961 MWp of solar PV infrastructure and 455 MWh of battery energy storage, worth about $2.2 billion,” it stated.

According to the statement, Adelabu said, “As Africa’s biggest economy, Nigeria faces huge demands for new power infrastructure to support economic needs and transition to a sustainable one.”

On his part, Rajsic expressed delight and thanked partners for their support in designing the project, featuring leading solar PV and battery storage technologies, financed with affordable, long-term debt under OECD guidelines.