TheCable

The Nigeria Sovereign Investment Authority (NSIA) has signed a joint venture agreement with North-South Power (NSP) to establish the Shiroro solar firm to address the urgent need for clean and accessible energy.

The deal was disclosed in a statement by Stanley Nkwocha, senior special assistant to the president on media and communications.

The 20 megawatt (MW) pilot project (phase 1a) is embedded within a larger 300MW solar programme, to be co-located within NSP’s existing 600MW Shiroro Hydroelectric Power Plant concession area in Shiroro, Niger state.

Vice-President Kashim Shettima, who witnessed the ceremony on Tuesday, said the joint venture “marks a significant milestone and will boost the country’s energy transition journey”.

He described the arrangement as an affirmation of the present administration’s resolve to embrace clean and renewable energy solutions.

“The federal government of Nigeria under the able leadership of president Bola Ahmed Tinubu remains steadfast in supporting initiatives that drive economic growth, enhance energy security and protect our environment,” the vice-president said.

Speaking on the significance of the project, Shettima said the signing of the agreement for the 20MW solar plant is “a journey which is pivotal to our sustained growth and development as a nation.”

He commended the vision, innovation, and commitment of the NSIA to the project, noting that such strategic partnerships create opportunities for economic growth and technological advancement while simultaneously addressing the urgent need for clean and accessible energy.

“As a nation, our resolve is to take proactive steps to diversify our energy sources, reduce our carbon footprints and ensure a more sustainable future for generations to come. And this is a pioneering project in terms of hybridising power in solar and hydro,” he said.

“I believe that this is a harbinger of greater things to come. This project will serve to attract further investments in the space by growing both the business and financial models for such projects.

“This project will catalyse the realisation of other hydro-solar projects and serve as a test case for deployment of solar energy on to the national grid.”

Shettima implored the Nigeria Electricity Regulatory Commission (NERC), Nigeria Bulk Electricity Trading (NBET), Transmission Company of Nigeria (TCN), Bank of Industry (BOI) and all other relevant stakeholders in the project to ensure that they collaborate effectively with its sponsors to guarantee the timely delivery and operation of the project.

‘THE PARTNERSHIP WILL DEEPEN NIGERIA’S CLEAN ENERGY PORTFOLIO, CREATE JOBS’

On his part, Adebayo Adelabu, minister of power, said the initiative aligns with the critical priorities of his ministry in terms of striving to increase energy output and also diversifying into renewable energy.

He said the project is expected to attract additional capital as well as utilise the country’s abundant renewable energy resources, noting that it is a testament to the potential partnership to ensure sustainable development.

In his remarks, Aminu Umar-Sadiq, managing director and chief executive officer (CEO) of NSIA, said the partnership would “deepen Nigeria’s clean energy portfolio, create jobs, and re-affirm our dedication to energy efficient solutions as a lever for socio-economic development”.

He said it further exemplifies NSIA’s role as a catalyst for positive change, steering Nigeria towards a more sustainable future.

Similarly, Olubunmi Peters, executive vice-chairman and CEO of North-South Power Company Limited, expressed the company’s dedication to renewable energy solutions, stating its strategic intent to embark on the solar-hydro hybridisation project.

He said the project is a testament to the company’s sustained focus on renewable energy as an integral component of economic growth.