A Dubai-based company, Access Infra Africa, has signed a joint development agreement with Quaint Global Energy Solutions to invest in Nigeria’s power sector.
This it would be doing by investing $100 million in ABIBA Solar Project, a 50MW solar power plant being developed in Kaduna State.
The plant, when completed, is expected to generate 82,500 megawatt hours of clean electricity, which translates to the quantity required to satisfy the daytime requirement of over 600,000 Nigerian households, reports suggest.
“The landmark investment was originated by Access through the Access Co-Development Facility competition, an Africa-focused platform designed to bridge the gap between early-stage renewable energy projects and the resources they require to become operational.
“ACF was launched earlier this year by Access and attracted 55 competitive entries from 18 countries. Quaint from Nigeria and Flatbush Solar from Cameroon were declared the winners of the inaugural edition of this competition at the Africa Energy Forum in June,” quotes Arabian Business.com.
“We see this project as a gateway to the widespread adoption of renewable energy in Africa’s largest economy, whilst cementing the role of ACF as an innovative platform for turning good concepts into bankable projects,” says Reda El Chaar, executive chairman of Access Infra Africa.