In a significant move, Sun Africa LLC, an international organisation, has pledged extensive support to bolster President Bola Tinubu’s administration by injecting $2.2 billion into critical power infrastructure development for Nigeria.
The Minister of Power, Mr.Adebayo Adelabu, in a statement released in Abuja on Sunday by Mr. Bolaji Tunji, his Special Adviser for Strategic Communication and Public Relations, affirmed this commitment.
Detailing the development, the minister confirmed the formalisation of the commitment made during the work. This disclosure transpired following a meeting between the Minister and representatives from Sun Africa, spearheaded by its Chairman, Mr. Goran Rajsic.
Outlining the scope of the project’s initial phase, Adelabu conveyed plans to roll out 961 megawatts peak (MWp) of solar photovoltaics (PV) infrastructure and 455 MWh of battery energy storage, collectively valued at approximately $2.2 billion.
“Sun Africa, in collaboration with its partners, is poised to commence the implementation of this transformative project in the forthcoming months,” he remarked.
Highlighting Nigeria’s pressing need for new power infrastructure to bolster economic growth and transition towards a sustainable power mix, Adelabu underscored the significance of collective commitment from all stakeholders to execute this crucial renewable power infrastructure.
Expressing gratitude for the support in conceptualising the pioneering project integrating advanced solar PV and battery storage technologies, Rajsic, from Sun Africa, praised the financing structure adhering to OECD guidelines for Multinational Enterprises on Responsible Business Conduct.
Rajsic elucidated that Sun Africa’s financial partners, ING Bank and Citi, have underscored their commitment to financing projects up to US$10 billion in the forthcoming years. This support extends not only to the project’s initial phase but also encompasses future developments.
Moreover, Sun Africa is collaboratively working with Sterling & Wilson Renewable Energy Limited, their Engineering, Procurement, and Construction (EPC) partner. Their role in providing services for the project’s initial phase signifies a significant milestone in advancing sustainable and reliable energy solutions for Nigerians.
“This joint endeavour signifies a remarkable leap towards advancing sustainable and dependable energy solutions, aligning with our commitment to drive positive change through innovative renewable energy solutions,” concluded Rajsic.