Africa50, the infrastructure fund for Africa, has signed a joint development agreement (JDA) for an 80 MW (AC) solar photovoltaic independent power project in Nigeria. The project, near Dutse in Jigawa state, will be co-developed with Scatec Solar, a Norwegian integrated independent solar power producer, and Norfund, the Norwegian Investment Fund for Developing Countries.
The project includes the construction of a dedicated 132 kV overhead transmission line that will connect the plant to the Dutse substation. The electricity will be sold to NBET, Nigeria's bulk purchaser of electricity, under a 20-year power purchase agreement. Under the JDA, Africa50, Scatec Solar, and Norfund commit their resources and funding to complete the development phase of the project and prepare it for financial close.
Benefiting from excellent irradiation, the plant will help to alleviate Nigeria's significant power deficit and diversify the country's energy mix. This will improve energy security and provide more reliable electricity to businesses and households, contributing to Nigeria's sustainable economic growth and greenhouse gas emission reduction objectives.
"I am pleased that, a mere five months after its first Annual General Meeting, Africa50 is already making its first investment," said Dr. Akinwumi Adesina, President of the African Development Bank (AfDB) and Chairman of Africa50's Board of Directors. "This investment fits in squarely with one of the High 5 priorities that I laid out for the AfDB Group - to 'light up and power Africa.' I look forward to more Africa50-supported projects that will promote Africa's economic development, as the fund ramps up its infrastructure investments."
Africa50 CEO, Alain Ebobisse added: "Access to reliable energy is one of the most critical needs in Africa, including in Nigeria, where it is a government priority. I look forward to deepening the relationship with the authorities of Nigeria, one of our key shareholder countries, and to supporting more projects in this and other infrastructure sectors."
Africa50 is an infrastructure fund owned by African governments, the African Development Bank and institutional investors. Its mission is to mobilize long term savings from within and outside Africa and private sector funding to promote infrastructure development in Africa.
For more information visit: www.Africa50.com