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Nigeria sign solar power agreements worth 1.75 bln USD

Xinhua, July 22, 2016 Adjust font size:

Nigeria on Thursday signed a Front-Runner Solar Power Purchase Agreements (PPAs) worth 1.75 billion U.S. dollars with 14 companies to build 1.125 Megawatts (MW) capacity of renewable power in the country.

The agreement was to demonstrate the government's commitment to diversify Nigeria's power industry, Babatunde Fashola, Minister of Power, Works and Housing, who signed the documents on behalf of the government, said.

The PPAs are the heart and soul of financing the power industry, he added, noting that Nigeria would have achieved 30 percent capacity in renewable energy, before the year 2030.

He said the era had gone when the country would depend on one source to generate its electricity.

He added that Nigeria sited many of its solar energy projects in the northern part of the country because the area had more sun radiation than other parts.

The minister expressed happiness over the confidence the investors had to invest in Nigeria's power sector.

He assured the investors that the government would provide them with good investment climate but would not tolerate low standard in the quality of their projects. Endit