Monday, February 26, 2024
MARKET UPDATE
Advertisement

TheCable

Advertisement

InfraCorp, firms sign agreement to build plant for solar PV production

InfraCorp, firms sign agreement to build plant for solar PV production
December 06
07:47 2023

The Nigerian Infrastructure Corporation (InfraCorp) has signed an agreement with two firms to build a gigawatt of solar photovoltaics (PV) manufacturing plant in the country.

The memorandum of understanding (MoU) was signed with Netherlands’s Solarge BV and the African Green Infrastructure Investment Bank, according to a statement on Monday.

A photovoltaic (PV) cell, commonly called a solar cell, is a nonmechanical device that converts sunlight directly into electricity.

Although the value of the deal was not disclosed, InfraCorp said the MoU was signed at the ongoing COP28 in Dubai, United Arab Emirates.

Advertisement

Speaking at the event, Adebayo Adelabu, minister of power, said the MoU demonstrates the collaborators’ commitment to creating a better future for the next generation.

He said “the vision” is destined to transform Nigeria’s energy landscape and illuminate several other associated sectors of the economy.

“You have shown us your commitment to the growth and development of a new Nigeria, and we applaud and recognise your efforts,” the minister said.

Advertisement

“I would like to reiterate a statement that I made recently: a country that is serious about realising the potential of its people needs to provide adequate energy. In my capacity as Nigeria’s Minister of Power, I assure you that the government, under the leadership of President Bola Ahmed Tinubu, is committed to actualising all its promises.

“With the right leadership and support, we can begin the process of bridging the energy access gap that has inhibited our ability to industrialise, provide jobs for our people, enhance the quality of lives of Nigerians, especially the rural dwellers, and drive inclusive growth.

“If we ever had any doubt, today reminds us that it is possible if we dare to dream, have the boldness to undertake these ventures, and are willing to reach out to partners across the global community for support and help.”

Commenting on the current state of the power sector, Adelabu said the Nigerian power situation is dire.

Advertisement

He said the “transmission infrastructure is inadequate to wheel energy generated, the distribution capacity is limited by supply, and the needed investment, and numerous problems incapacitate generation”.

“We bear witness to the enormous stress on our national grid that continues to trigger power outages that adversely affect the daily lives of our citizens: homes, schools, hospitals, and businesses of diverse scales,” Adelabu said.

On her part, Doris Nkiruka Uzoka-Anite, minister of industry, trade and investment, stressed the importance of industrialisation in addressing various socioeconomic challenges, such as job creation, import substitution, increased access to capital, and overall economic growth.

Lazarus Angbazo, the chief executive officer of InfraCorp, said the objective of the project was to revolutionise Nigeria’s energy sector and have a positive impact on various sectors of the economy.

Advertisement

Angbazo said the goal was to elevate Nigeria’s economy to $1 trillion through sustainable and climate-resilient infrastructure.

InfraCorp is a government-backed infrastructure investment entity that was established and co-owned by the Central Bank of Nigeria (CBN), Africa Finance Corporation (AFC), and Nigeria Sovereign Investment Authority (NSIA).

Advertisement

Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

error: Content is protected from copying.