Sun Africa LLC, an international organisation, has set aside $2.2billion to support President Bola Tinubu’s administration in providing vital power infrastructure for Nigeria.
This was disclosed by the Minister of Power, Chief Adebayo Adelabu after a meeting with representatives of Sun Africa led by its Chairman, Mr. Goran Rajsic at the weekend.
The initial phase of the project would focus on delivering 961 MWp of solar PV infrastructure and 455 MWh of battery energy storage, valued at approximately US$2.2 billion. Sun Africa, with its partners, is set to implement this transformative project in the coming months.
According to Adelabu, “as Africa’s largest economy, Nigeria faces significant demands for new power infrastructure to support economic needs and transition to a sustainable power mix”.
The commitment from all parties involved, ensures a close collaboration to execute this vital renewable power infrastructure, addressing the nation’s requirements, the Minister said.
Mr. Rajsic expressed excitement, thanking partners for their support in designing this cutting-edge project, featuring leading solar PV and battery storage technologies, financed with affordable, long-term debt under OECD guidelines.
Sun Africa’s financing partners, ING Bank and Citi, have also emphasized their commitment by arranging up to US$10 billion in financing over the coming years. This support extends to both the initial phase and future developments.
Additionally, Sun Africa is collaborating with Sterling & Wilson Renewable Energy Limited, its EPC partner, by playing a pivotal role in providing EPC services for the initial project phase.
The Joint efforts signify a remarkable milestone in advancing sustainable and reliable energy solutions for Nigerians, aligning with the commitment to driving positive change through innovative renewable energy solutions.
