Nigeria remains an untapped market with an enormous potential for a large-scale renewable solar energy revolution, Kayode Adewakun, the African Regional Director for Beacon Oak, a London based private equity firm, has said.
Speaking in Lagos recently, Adewakun said, "With a grade 1 electricity infrastructure system and an unending demand for power due to rapid industrialisation currently taking place in big cities such as Lagos, Abuja and Enugu; it is no surprise why Independent Power Producers (IPPs) and investors alike are flocking in their numbers to be part of this new clean energy revolution."
He noted that Beacon Oak is now one of the leading renewable energy developers focused on delivering utility scale solar power in Nigeria both on an on-grid and off-grid solution.
He said, "Beacon Oak recently signed a 1.5 MW deal with renowned oil and gas firm to deliver solar power directly to their infrastructure.
"This deal will entail leveraging existing connections with the transmission lines through separate agreements and invest in power infrastructures to deliver the power.
"The project will be carried out in partnership with the Benue State government (equity holders) and will leverage battery technology to ensure its uninterrupted supply over its term tenure period."
Beacon Oak continues to explore more opportunities in Nigeria to deliver power to large corporate clients to help them meet their energy demands.
They are currently working on a pipeline of projects in the region and will like to meet its own local target in Nigeria of 250 MW by 2020.