Fashola resumes talk with investors in Nigeria’s 14 large scale solar plants

Nigeria’s minister of power, works and housing, Mr. Babatunde Fashola has resumed discussions with investors in Nigeria’s 14 large scale solar power plants, and would seek to move ongoing talks on the solar projects away from the boardroom to the field, OGN has learnt.

Sources that are familiar with the development, told OGN that a closed-door meeting between Fashola and CEOs of the firms undertaking the 14 solar power plant was held on Wednesday in Abuja where issues relating to their put call option agreements (PCOA), amongst others were discussed.

The meeting according to the sources, also had the Nigerian Bulk Electricity Trading Plc (NBET) involved.

The NBET in July 2016 signed power purchase agreements with the 14 firms who would invest about $2.5 billion in the construction solar plants that will generate 1125 megawatts (mw) of electricity to the grid.

Although, the official agenda of the meeting was not provided to OGN by the sources, it was however learnt that the PPAs which the 14 signed with NBET would also be discussed.

OGN also reported recently that the NBET distributed the 14 PPAs to the World Bank and Africa Development Bank (AfDB) for implementation, and that while the World Bank has placed some governance related conditions on its work on the PPAs it got, the AfDB was undertaking its own without such conditions.

The 14 firms have also been licensed by the Nigerian Electricity Regulatory Commission (NERC), and they include, Pan Africa Solar (75mw solar plant in Katsina State), Nigerian Solar Capital Partners (100mw in Bauchi State), Afrinergia Power Limited (50mw in Nasarawa State), Motir Dusable Limited (100mw in Nasarawa State) and Nova Solar 5 Farm Limited (100mw in Katsina State)

Others are Kvk Power Limited (100mw in Sokoto State), Middle Band Solar One Limited (100mw in Kogi State), LR Aaron Power Limited (100mw in Abuja), Nova Scotia Power Development Limited (80mw in Jigawa State), CT Cosmos (70mw in Plateau State), En Africa (50mw in Kaduna State), Oriental Renewable Solutions (50mw in Jigawa State), Quaint Abiba Power Limited (50mw in Kaduan State), and Anjeed Innova Group (100mw also in Kaduna State).