NIGERIA: Sun Africa to invest $1.5bn in solar electrification
19 August 2022
An agreement was recently signed between the Nigerian government and the American company Sun Africa, with a view to installing solar energy production systems in a dozen localities poorly served by the national electricity network. The project, which will be implemented thanks to a $1.5 billion loan from Exim Bank, comes at a time when 85 million people do not have access to electricity in Africa's most populous country with 206 million inhabitants.
Nigeria is determined to reduce the gap in access to electricity between the country’s urban and rural areas through the extension of the national electricity grid in underserved states. As part of this energy policy, the authorities of this West African country have obtained a loan of 1.5 billion dollars from the American export credit agency Exim Bank.
These funds, mobilised by the American company Sun Africa (a supplier of off-grid solutions), will enable the implementation of numerous renewable energy projects, in particular solar photovoltaic stations with a duration of twenty years. “The federal government is continuing to work with the private sector to improve access to energy, create jobs and develop industry,” says the President of the Republic of Nigeria, who has not revealed the technical details at this stage, nor the 10 localities benefiting from these investments.
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