Foreign Investors Set to Pump over $5 billion in Nigeria’s Renewable Energy Sector

FG's Expenditure On Power Subsidization Hits ₦50 billion Monthly - Saleh

The Ministry of Power is in talks with a consortium of Western Investors that are set to invest upwards of $5 billion in the Nigerian Power Sector with a major focus on the renewable energy sector.

This was disclosed by the Ministry via its Twitter handle on Tuesday.

The investors, which were led by Mr. Ron Verraneault, pitched their proposal to the Minister of Power, Engr. Saleh Mamman at the Power House in Abuja.

The group, according to Verraneault, intends to deliver 1000MW capacity of Hybrid solar power within 24 months and partner in grid infrastructure development across Nigeria.

With the Minister, at the meeting, are his Special Adviser on Policy Mr. Abba Aliyu, his Technical Adviser on Strategic Coordination Dr. Nurain Hassan Ibrahim and the Deputy Director Renewable Energy at the Ministry, Engr. Abubakar among others.

Source: Nairametrics


Leave a Reply