PR Newswire (New York)

7 May 2014

Nigeria: Skypower Global and FAS Energy to Build 3,000 Mw of Solar Power in Nigeria at U.S. $5 Billion

press release

Abuja, Nigeria — - SkyPower FAS Energy, a joint venture between SkyPower Global and FAS Energy, signs agreements with both the Federal Government of Nigeria and the Delta State Government for the development, construction and operation of 3,000 MW of solar PV projects at an estimated cost of US$5 billion.

SkyPower FAS Energy signed agreements with both the Federal Republic of Nigeria Government and the Delta State of Nigeria Government for the development of 3,000 megawatts (MW) of utility-scale solar photovoltaic (PV) projects within Nigeria and the Delta State of Nigeria to be built over the next five years.

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 3,000 MW of utility-scale solar PV energy projects for the Nigerian power grid, which are expected to reach commercial operation in phases starting in 2015.

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.

"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 Chief Executive Officer 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 signing of the Foreign Investment Promotion and Protection Agreement marks a significant milestone. It sends a clear signal to Canadian businesses that they can work in Nigeria with confidence, and to Nigerians that they can do the same in Canada," said the Honourable Christian Paradis, Minister of International Development for Canada. "Our government is looking to new approaches that deliver real results. The private sector has a crucial role to play in creating shared prosperity."

"The total capital requirement for these projects is an estimated US$5 billion, which 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," said Stephen Bordes, Chief Financial Officer of SkyPower Global.

"It is with great pride that we announce the signing of these agreements," commented Sabri Asfour, the General Manager of SkyPower FAS Energy. "This is a historic day, as the signing of these agreements and commencement of these groundbreaking projects in Nigeria clearly demonstrate Nigeria's commitment to clean, renewable energy. SkyPower FAS Energy's combined expertise in infrastructure development and construction will generate a large number of new jobs, support skills development, and increase prosperity in the regions of the country where these solar projects will be built."

"The Nigerian Government is pleased to partner with SkyPower FAS Energy and we look forward to creating more power and more jobs for the people of Nigeria," commented Permanent Secretary, Federal Ministry of Power, Ambassador (Doctor) Godknows Boladei Igali. "Foreign investment in Nigeria helps build the economy and strengthen international ties with a well-respected and viable partner such as SkyPower FAS Energy."

"Delta State is pleased to sign this agreement with the world's largest solar developer, SkyPower FAS Energy," said Doctor Emmanuel Eweta Uduaghan, Governor, Delta State of Nigeria. "It represents a continued effort to provide even more clean and renewable energy that can be sustained for decades to come. Delta State: Beyond oil into solar."

SkyPower FAS Energy believes in being strongly rooted in the local business community and plans to work closely with local Nigerian businesses and other local partners.

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