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SkyPower FAS Energy lands Nigerian solar project development deal

$5 billion agreement with both the Federal Government of Nigeria and the Delta State Government entails the creation, construction and operation of 3,000 MW of solar PV projects.

These foundational agreements represent a monumental renewable energy milestone, which entails a multi-phase development and build schedule that will result in production of clean, sustainable, cost-effective energy to support the growing energy needs of Nigeria. SkyPower FAS Energy is committed to work closely with both governments for the planning, financing, and construction of these utility-scale solar PV energy projects for the Nigerian power grid.

The projects are expected to reach commercial operation in phases starting in 2015. They will be financed through a combination of bank debt, development bank financing, and equity partners. Over the life of the projects, it is estimated that more than 30,000 jobs will be created in Nigeria, according to SkyPower Global.

"This is truly a proud moment for SkyPower FAS Energy. Global partnerships such as these are key to bringing together extensive expertise from around the world," said proud Canadian Kerry Adler, president and CEO of SkyPower Global. "The signing of these landmark agreements demonstrates the shared vision of a partnership that will further stimulate the vibrant, fast-growing Nigerian economy and substantially impact the state and country's GDPs, resulting in increased employment and skills training. We applaud the leadership of the Delta State and Federal Nigerian governments for embracing this initiative and demonstrating their continued commitment to reduce carbon emissions and harness the proven power of solar PV."

The agreements were signed at the World Economic Forum on Africa during a historic ceremony for a Foreign Investment Promotion and Protection Agreement (FIPA) between the Canadian and Nigerian governments. Representing the nations at the forum were the Honourable Olusegun Olutoyin Aganga, Minister of Trade and Investment for the Federal Republic of Nigeria and the Honourable Christian Paradis, Minister of International Development for Canada.

 

 

 

 

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Energy efficiency  •  Energy infrastructure  •  Photovoltaics (PV)  •  Policy, investment and markets  •  Solar electricity

 

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