United States-based manufacturer of solar panel, lighting and batteries, Triton Solar has announced that it would be investing $300 million or more in Nigeria.
The company’s Managing Partner, Global Head of Business, Bhagi Sandilya said this on the sideline of his visit with the Chairman/Chief Executive Officer of Silicon Valley Nigeria Economic Development Inc, Chief Temitope Ajayi, to a former Minister of Industry, Alhaji Bamanga Tukur.
Sandilya explained that Triton Solar plans to invest $100 million into setting up 3 plants of the company to be located in Lagos, Oyo State and Federal Capital Territory, Abuja.
The total investment worth of this plant is $100m or more over five years, starting with $25m in the first year. We need 205 funding commitment from state or local financier partner,” he said.
Speaking further, the global business head disclosed that Nigeria would be its first country of operation in Africa as it only has branches in Canada, United Arab Emirate, Morocco and India alongside headquarters in New Jersey, USA.
Why this matters: Sandilya assured that when the plants are set up, it would be of advantage to Nigeria. He said that the solar energy of the company would reduce the price of power, provide clean energy solutions and could electrify Nigeria, from street lights to hospitals, markets, and other commercial and residential customers.
Also, with this huge investment, a large number of jobs would be created for Nigerian youths. In addition, if the challenge of energy or light is solved, it would then foster more high-profile investors into Nigeria.
Also present was Tukur whom Sandilya visited. Tukur is the Executive President of the African Business Roundtable and Chairman of NEPAD Business Group. He made known that energy challenge was a major problem negatively affecting industrialization, productivity and general wellbeing of Nigerians.
Punch reported that Tukur stated that solar energy was needed in Nigeria, adding that it would accelerate industrialization and economic growth as well as reduce manufacturing cost.
“We really need safe and sustainable energy that will give us no problem. Solar is a new technology. It is gaining ground. The fossil fuel is no longer fashionable. The sun is here; so solar is the in-thing,” Tukur said.