Monday, September 8, 2025
24.1 C
Lagos

Scatec Solar Secures 100 MW Solar Project in Nigeria

Scatec Solar has signed an agreement with CDIL, a Canadian renewable energy development company focused on Africa, and BPS, a Nigerian strategic consulting firm, securing the 100 MW (DC) Nova Scotia Power plant located in Jigawa State, Nigeria. This agreement was announced in connection with Scatec Solar’s second quarter results.
The Nova Scotia project company, signed a 20-year Power Purchase Agreement (PPA) with the Nigerian Bulk Electricity Trading Plc (NBET) on July 21st, 2016.
“Solar power in Nigeria has significant long-term potential, and we want to take part in the development of this new market. This investment is the culmination of an extensive review during which the Nova Scotia Power project stood out thanks to its exceptional fundamentals. With the quality of its site, development standards and equity funded by Scatec Solar and its partners, the project is ideally positioned to progress rapidly to financial close” said Raymond Carlsen, CEO of Scatec Solar.
“We recognised the importance of partnering with a sponsor able to bring the project to financial close and with whom we share a long-term vision. We are proud of teaming up with Scatec Solar, who has demonstrated its unique ability to deliver similar projects in Africa”, said Arif Mohiuddin, President and CEO of CPCS, the parent company of CDIL.
A long-term player with an installation track-record of close to 600 MW, Scatec Solar will develop, build, own and operate the solar power plant in Jigawa. The project is expected to reach financial close in 2017 and commercial operations 12 months thereafter.
Currently, Scatec Solar produces electricity from 404 MW of solar power plants worldwide and is a leading independent solar power producer in Africa with nearly half of this capacity located in the region.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

The 5 Outcomes of the Work Culture Shift

By Elvis Eromosele Anxiety about the future of work had...

Nigeria Records $22bn Remittance in 2017, Highest in Africa

Meet the largest gathering of money transfer providers on...

Ecobank Unveils $48.2m Dividend for Shareholders

Pan African bank, Ecobank announced in a statement after...

UK Banks to Allow Bill Payments by SMS from 2014

­The UK's Payments Council has approved plans to enable...

IWD2023: Unity Bank Unveils Women Network to Promote Advocacy for Gender Equity

  As part of initiatives to mark International Women’s Day,...

Leadway Assurance Reaffirms Commitment to Supporting SMEs this Festive Season

As momentum into the 2024 festive season continues, businesses,...

Ecobank Empowers Businesses with Omni Lite Solution

The Managing Director of Ecobank Nigeria, Mr. Patrick Akinwuntan,...

Unity Bank Customer Wins N1m in CashToken Rewards Promo

From Left: Eghomwanre Iyamu, Head, e-Business; Aisha Lawan Gana,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img