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A group of foreign investors from Australia, Messrs Paul Camp and Richard Vargas of United Solar Energy, have agreed to develop a 10 GW solar photovoltaic power plant under the auspices of the Benue Investment and Property Company Limited (BIPC).
This ambitious project, aimed at bolstering the state’s renewable energy capacity, was recently presented to the Managing Director of BIPC, Raymond Asemakaha, alongside representatives of key state officials.
The proposed Public Private Partnership (PPP) framework outlines the terms of the partnership, with the Benue State Government expected to provide suitable land for the project, secure necessary environmental approvals, and guarantee a Power Purchase Agreement (PPA) for 25 years.
The state government is also required to provide asset-backed green bond security, tax concessions, and incentives to ensure the project’s commercial viability.
In return, the Australian investors have committed to providing 100% funding for the project, creating job opportunities for locals, up-skilling local manpower, and re-skilling unemployed youths in the state.
This collaboration between the Benue State Government and United Solar Energy is expected to not only improve the state’s energy infrastructure but also contribute to the local economy and workforce development.
As the world continues to shift towards renewable energy sources, the Benue State Government’s partnership with United Solar Energy marks a significant step towards a sustainable and clean energy future for the state.
With the successful implementation of this solar photovoltaic power plant, Benue State is poised to become a leading example of renewable energy adoption in Nigeria.
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