Nigeria’s power sector is receiving a boost as consortium of foreign investors has announced plans to invest US$5 billion in renewable energy projects across the country.
The country’s Minister for Power, Saleh Mamman dropped the hint in a tweet after the consortium presented its proposal to him.
According to him, the investors pitched a proposal to build a thousand-megawatt (MW) hybrid solar power project within 24 months, and partner in grid infrastructure development.
The renewable energy project is expected to expand the country’s electricity supply industry.
“A consortium of Western investors, interested in investing upwards of $5 billion in the Nigerian power sector, with a major focus on the renewable energy sector, just finished pitching their proposal to the Hon. Minister for Power, Sale Mamman, at the Power House,” the tweet read.
“The main partner, Mr Ron Verraneault, led the presentation to the Hon Minister while his other partners linked in via zoom. They also intend to deliver 1000MW capacity of hybrid solar power within 24 months and partner in grid infrastructure development across Nigeria.
“The Hon Minister was joined by his Special Advisor on Policy, Mr Abba Aliyu, his Technical Advisor on Strategic Coordination, Dr Nurain Hassan Ibrahim, the Deputy Director, Renewable Energy at the Ministry, Engr. Abubakar, and his TA on ICT and Digital Comms Engr Abba.”
At present, Nigeria has an installed generation capacity of 12,954MW while the available generation capacity is 7,652MW.
The transmission wheeling capacity is put at 8,100MW. However, due to constraints, the TCN cannot wheel more than 6,000MW, as an overload might lead to system collapse since the power distribution companies (DisC0s) do not have the capacity to take more than 5,000MW.