Major Development: Nigeria’s Power Sector to Receive $2.2bn Support

In a significant development, Sun Africa LCC has committed $2.2 billion to bolster Nigeria’s power sector, as announced by Adebayo Adelabu, the Minister of Power. The pledge came after a productive meeting with representatives from Sun Africa, led by Chairman Goran Rajsic, indicated a statement released by the Federal Ministry of Power in Abuja on Sunday.

It was emphasized in the statement that the firm is set to assist the Federal Government in the provision of essential power infrastructure for Nigeria, with the commitment already formalized. The project’s primary phase is geared towards delivering 961 MWp of solar PV infrastructure and 455 MWh of battery energy storage, amounting to around $2.2 billion.

Adelabu highlighted the significance of addressing Nigeria’s growing demands for new power infrastructure to support economic requirements and transition to a sustainable state, given the country’s status as Africa’s largest economy.

Rajsic expressed his enthusiasm and gratitude to partners for their support in designing the project, incorporating cutting-edge solar PV and battery storage technologies, and being financed with affordable, long-term debt in accordance with OECD guidelines.