• News - North Central - FCT
  • Updated: November 20, 2023

FG secures $2.2bn deal with Sun Africa to develop power sector

FG secures $2.2bn deal with Sun Africa to develop power sect

The Federal Ministry of Power has disclosed that Sun Africa LCC has promised $2.2 billion to develop Nigeria’s power sector.

 Minister of Power, Adebayo Adelabu disclosed this in a statement issued in Abuja on Sunday after a meeting with representatives of Sun Africa, led by its Chairman, Goran Rajsic.

The statement pointed out that the firm would support the Federal Government in providing vital power infrastructure for Nigeria, adding that the commitment had been formalised.

“The project’s initial phase will focus on delivering 961 MWp of solar PV infrastructure and 455 MWh of battery energy storage, valued at approximately $2.2 billion,” it noted.

In the statement, Adelabu said, “As Africa’s largest economy, Nigeria faces significant demands for new power infrastructure to support economic needs and transition to a sustainable one.”

Also speaking, Rajsic who was excited with the development appreciated partners for their support in designing the project, featuring leading solar PV and battery storage technologies, financed with affordable, long-term debt under OECD guidelines.

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