The German firm, LTI RE Energy and consortium of renewable firms, NIGUS, has unveiled plan to invest as much as $600 million to generate power from solar and renewable energy in the Northeast.
The Executive Secretary, Nigeria Investment Promotion Commission (NIPC), Ms. Yewande Sadiku, who affirmed this during the official launch of the project in Abuja, lauded the partnership, which she said would lead to the generation of 500 mega watts of electricity in the country within the next five years.
The NIPC boss, stated that the federal government is committed to investing in the Northeast and making Nigeria the hub of renewable energy in West Africa.
Sadiku, who was represented by a director in the Commission, Mr. Abubakar Yerima, described the power sector as a critical to the economy because its multiplier effect on all other sectors of the economy.
“This project is in line with President Muhammadu Buhari’s efforts to improve the country’s power sector. Investors can come in to invest in your country if the key sectors like power is not in order,” she said.
The Chief Sales officer, LTI RE Energy, Mr. Chris Voet, also said that the firm is confident about investing in the North East.
“We are partnering with NIGUS and they know the country, they know what to do and we are supporting them. They are developing the project and we are supporting them with our expertise in the country.
“Our idea is to flag up our investment in Nigeria, because Nigeria can supply energy to other countries. In Nigeria there is basic and best opportunity to invest. Nigeria also has the requirements we can use to excel in other countries,” Voet said.
“We are starting now with the plants on ground so we are breaking with 100 megawatts in the first quarter of 2017,” he added.
Also, the executive director, NIGUS, Major Gen, Dili Aliyu (rtd) said that the investment was in line with the federal government’s efforts to rebuild the Northeast region.