FG Secures $2.2bn Support From American Company To Develop Nigeria’s Power Sector

By Ranti Thomas

The Federal Government has disclosed that Sun Africa LCC, an American company, has pledged $2.2 billion to develop Nigeria’s power sector.

 The Minister of Power, Adebayo Adelabu, made this disclosure after a meeting with representatives of Sun Africa, led by its Chairman, Goran Rajsic.

This was contained in statement issued in Abuja on Sunday by the Federal Ministry of Power.

According to the one page statement, the firm would support the Federal Government in providing vital power infrastructure for Nigeria, adding that the commitment had been formalised.

 “The project’s initial phase will focus on delivering 961 MWp of solar PV infrastructure and 455 MWh of battery energy storage, valued at approximately $2.2 billion,” it noted.

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

On his part, Rajsic expressed excitement 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.