NEWS

FG Secures $2.2 Billion For Nigeria’s Power Sector Development

According to a statement from the Federal Ministry of Power in Abuja, Adebayo Adelabu, the Minister of Power, announced that Sun Africa LCC, under the leadership of its Chairman Goran Rajsic, has committed $2.2 billion towards the development of Nigeria’s power sector.

The firm has pledged its support to the Federal Government in establishing crucial power infrastructure, and this commitment has been officially confirmed.

“The project’s initial phase will focus on delivering 961 MWp of solar PV infrastructure and 455 MWh of battery energy storage, valued at approximately $2.2 billion,” it noted.

According to the statement, Adelabu said, “As Africa’s largest economy, Nigeria faces significant demands for new power infrastructure to support economic needs and transition to a sustainable one.”

Rajsic, in his remarks, conveyed his enthusiasm and gratitude to the partners for their support in crafting the project, which includes cutting-edge solar PV and battery storage technologies. The financing will adhere to affordable, long-term debt guidelines outlined by the OECD.

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