Together with Scatec Solar and Africa50, Norfund plans to invest in the construction of a 100 MW solar plant in Nigeria.
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 is planned to be placed near Dutse in Jigawa state.
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.”
The Norwegian Foreign Minister, Børge Brende, participated at the signing seremony in Nigeria on the 16th of December. He shared the following tweet: "Through @norfund_ we are partnering w @ScatecSolar to invest in solar energy in #Nigeria.Good for development & job creation"
Read more about Africa50 here.