Empower New Energy, a Norwegian renewable energy firm, has struck a $6.5 million solar deal with Nigerian supermarket chain Justrite.
The agreement calls for solar PhotoVoltaics (PV) and batteries to replace diesel generating at ten Justrite locations.
The agreement was signed on Monday at the launch of the Lagos-Norway Energy Exchange in the presence of Anniken Huitfeldt, Norway’s foreign minister, and Olalere Odusote, Lagos state commissioner for energy and mineral resources.
The energy exchange, according to the organizers, is intended for Norwegian companies to learn about Nigeria’s energy difficulties and provide green solutions.
Huitfeldt commented on the development, saying it was encouraging to see organizations with a good experience in the oil industry pushing forward in green technologies.
Investors, she claims, are becoming more interested in green investments.
“The past year has made it very clear both in Africa and Europe how fragile we are when energy supplies are threatened,” Norway’s foreign minister said.
“And made it very clear that predictable energy supplying nations, such as Nigeria and Norway are vital to continued stability in times of crisis.
“Nigeria and Norway are partners in energy. Norway’s largest energy company, Equinor, started business in Nigeria in 1992. Over 30 years ago.
“Many Nigerian students have studied at the Norwegian University of Science and Technology. And put their education to use when back home in Nigeria.
“Fossil energy has been important to both our nations’ economies. But now we must also look ahead to new sources of energy.
“Because in the future it will not be fossil fuel which will run our economies or secure our nations’ prosperity. It will be green energy.
“We are facing a massive green transition. In Africa, Europe and across the globe.”
Huitfeldt commended the Lagos state government for its green transformation efforts.
“Their investment target of one thousand megawatt of solar power within the next seven years is both ambitious and impressive,” she said.
“I have been told that diesel generators in this city represent more than fifteen thousand megawatt of power production, so the market is substantial.
“Norway and Nigeria both have the necessary technology and knowhow on oil and gas production. Today, we both utilise this knowledge in the green transition.”
Speaking at the ceremony, the Lagos energy commissioner stated that the state has increased its efforts to meet its objective of generating 1,000 megawatts of solar electricity by 2030.
“We’re going to work with anybody that’s going to give us sustainable energy in a manner that takes on a sector of the market starting from the less affluent market,” Odusote said.
