Sun Africa pledges to commit $2.2b into power project in Nigeria – Minister

Sun Africa LLC, an international organisation, has pledged to support the President Bola Tinubu’s administration with 2.2 billion dollars to provide vital power infrastructure for Nigeria.

Mr Bolaji Tunji, the Special Adviser, Strategic Communication and Public Relations to the Minister of Power, made this known in a statement in Abuja on Sunday.

Tunji said that the commitment, which was formalised during the week, was disclosed by the Minister of Power, Mr Adebayo Adelabu, after a meeting with representatives of Sun Africa led by its Chairman, Mr Goran Rajsic.

The minister said that the initial phase of the project would focus on delivering 961 Megawatts peak (MWp) of solar Photovoltaics (PV) infrastructure and 455MWh of battery energy storage, valued at approximately $2.2 billion dollars.

”Sun Africa, with its partners, is set to implement this transformative project in the coming months,” he said.

According to Adelabu, as Africa’s largest economy, Nigeria faces significant demands for new power infrastructure to support economic needs and transition to a sustainable power mix.

“The commitment from all parties involved, ensures a close collaboration to execute this vital renewable power infrastructure, addressing the nation’s requirements,” he said.

On his part, Rajsic thanked the partners for their support in designing the cutting edge project, featuring leading solar PV and battery storage technologies, financed with affordable, long-term debt under OECD guidelines.

The OECD Guidelines are for Multinational Enterprises on Responsible Business Conduct; the guidelines are recommendations jointly addressed by governments of multinational enterprises to enhance the business contribution to sustainable development and address adverse impacts associated with business activities on people.

He said that Sun Africa’s financing partners, ING Bank and Citi, had also emphasised their commitment up to US$10 billion in financing projects in the coming years.

“This support extends to both the initial phase and future developments.

“Additionally, Sun Africa is collaborating with Sterling & Wilson Renewable Energy Limited, its Engineering, Procurement and Construction (EPC) partner, by playing a pivotal role in providing services for the initial project phase.

“The Joint efforts signify a remarkable milestone in advancing sustainable and reliable energy solutions for Nigerians, aligning with the commitment to driving positive change through innovative renewable energy solutions,” he said.