FG, in­vestors sign pacts for 1,125mw so­lar plants

Daily Trust - - FRONT PAGE - By Si­mon Echewo­fun Sun­day

The act­ing Man­ag­ing Di­rec­tor of the Nige­ria Bulk Elec­tric­ity Trad­ing Plc (NBET), Mr Waziri Bin­tube, has said that 14 in­vestors are work­ing to gen­er­ate 1,125megawatts (mw) elec­tric­ity from so­lar tech­nol­ogy.

The project, he said, was worth $1.75bil­lion (about N521.9bil­lion) and ex­pected to pro­duce power in 2017.

Waziri said this yes­ter­day in Abuja when he signed the Power Pur­chase Agree­ments (PPAs) with the con­trac­tors of the pro­jects spread in 10 states.

Bin­tube gave rea­sons for cit­ing 13 of the plants in the North, say­ing that so­lar en­ergy gen­er­a­tion was high­est in North­ern Nige­ria.

He said: “The PPAs af­ter ini­tial­ing were sent to the reg­u­la­tory agen­cies for ap­proval. The nec­es­sary ap­provals have been ob­tained and we are here to­day to for­mally sign the PPAs.”

He said that the bank­able PPAs would help de­vel­op­ers source for fund and start con­struc­tion in a few months, adding that the so­lar pro­jects would cush­ion ef­fects of out­age caused by gas pipe­lines van­dal­ism.

In his ad­dress, the Min­is­ter of Power, Works and Hous­ing, Mr Ba­batunde Fashola, charged the de­vel­op­ers to fo­cus on the dura­bil­ity the pro­jects, say­ing that many pro­jects were done shod­dily in the past.

He said that the in­vestors have agreed on 11.5 per cent for the so­lar feed-in tar­iff which is about N23 per kilo­watt hour (kwh) within the level of the present 2015 Multi Year Tar­iff Or­der (MYTO).

“It is the pol­icy of gov­ern­ment to di­ver­sify the en­ergy mix to in­clude so­lar and wind,” he said.

Speak­ing on be­half of the de­vel­op­ers, Man­ag­ing Di­rec­tor of Pan Africa So­lar, Mar­cus Heal, said: “Our plan is to sup­ply elec­tric­ity to mil­lions of Nige­ri­ans by de­vel­op­ing large scale so­lar tech­nol­ogy. The in­vest­ment of $1.75bn is the largest on so­lar so far in the coun­try, most of them are bound to come on stream from 2017.”

The plants, when com­pleted, would gen­er­ate 1,025mw of elec­tric­ity in eight north­ern states com­pris­ing Katsina, Bauchi, Nasarawa, Sokoto, Kogi, Ji­gawa, Plateau and Kaduna and the FCT.

An ad­di­tional 100mw would be gen­er­ated from a plant in Enugu State.

From left: Min­is­ter of Power, Works & Hous­ing, Mr Ba­batunde Fashola, Min­is­ter of State in the Min­istry, Hon. Mustapha Baba She­huri and Ag.Man­ag­ing Di­rec­tor/CEO Nige­rian Bulk Elec­tric­ity Trad­ing Plc (NBET), Mr. Waziri Bin­tube dur­ing the sign­ing cer­e­mony of the front-run­ner So­lar Power Pur­chase Agree­ments(PPAs) or­ga­nized by NBET at the Trans­mis­sion Com­pany of Nige­ria, (TCN), Maitama,FCT, Abuja yes­ter­day

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.