Nigeria’s president, Muhammadu Buhari is confident the country will lend all the supports needed to promoters of the 14 solar power plants it recently backed, to come on stream as planned.
“In addition, fourteen solar power projects have had their power purchase agreements concluded. Hence the plan to produce one thousand two hundred megawatts of solar electricity for the country would be realised on schedule,” Buhari said in his address to his countrymen on their 56th Independence Day celebration.
Investors will commit $2.5 billion to the 14 solar plants. Already, the Nigerian Bulk Electricity Trading Plc (NBET) has disclosed that 10 of the 11 investors that executed the front-runner solar Power Purchase Agreements (PPAs) with it on July 21, 2016 have successfully posted their development securities on the due date of September 9th, 2016.
NBET said the development security is worth $20,000 per megawatts (MW) and that as a key requirement, its provides security for their obligation to achieve the financial closing date by the target closing date which is 6 months after the execution of the PPA) or the long stop closing date which is the date beyond which the target closing date may not be extended.
According to the NBET, the security will however be refunded to the promoters when the closing date is met after which they will begin construction of the plant.
The 14 pioneer solar plants are: 75MW Pan Africa Solar plant in Kankia-Katsina, 100MW Nigerian Solar Capital Partners plant in Ganjuwa -Bauchi State, 50MW Afrinergia Power Limited plant in Kokowa- Nasarawa, 100MW Motir Dusable Limited plant in Udi-Enugu State and 100MW Nova Solar 5 Farm Limited in Katsina State.
The others are 100MW Kvk Power Nigeria Pvt Limited in Yabo-Sokoto, 100MW Middle Band Solar One Limited in Lokoja West-Kogi, 100MW LR Aaron Power Limited in Abuja, 80MW Nova Scotia Power Development Limited plant in Dutse, 70MW CT Cosmos plant in Kaduna and 50MW Oriental Renewable Solutions plant in Kakowa-Jigawa.
50MW Quaint Abiba Power Limited plant in Manchor-Kaduna and 100MW Anjeed Innova Group plant in Kafanchan-Kaduna completes the list.