Scatec Solar welcomes Africa50 as investor in 100 MW Nigerian solar project

Original article on pv-magazine.com

Scatec Solar – a Norwegian-headquartered developer of solar projects – has welcomed the support of the African Development Bank (ADB) on the construction of a 100 MW solar PV park in Nigeria.

The Nova Scotia plant will be located near to Dutse in the north of the country, and will now be able to draw upon the financial support of Africa50, an infrastructure fund sponsored by the ADB and boasting the involvement of more than 20 African states as well as the Norwegian Investment Fund for Development Countries, Norfund.

According to Scatec Solar, the involvement of Africa50 in this solar project could potentially attract up to $2 billion of investments into Nigeria’s Jigawa state, delivering much-needed jobs and economic opportunities to the region.

The signing of the Joint Development Agreement (JDA) was attended by Norwegian foreign minister Børge Brende, Jigawa state deputy governor Ibrahim Hassan Hadejia and officials from Nigeria’s Bulk Electricity Trading (NBET).

“New local power generation capacity is a key element to attract sizable investment into the state and region,” said Hadejia.

Scatec Solar representative and EVP Terje Pilskog added that the JDA is a strong symbol of the Norwegian and Nigerian commitment to investing in clean energy in Nigeria. “With the government of Norway taking a direct investment role through Norfund, significant regional and Nigerian ownership through Africa50, and the track-record of Scatec Solar, this offers one of the most solid partnerships for solar PV projects globally,” Pilskog said.

The Nova Scotia solar park is a $150 million investment that has already drawn upon the American Overseas Private Investment Corporation (OPIC) and the Islamic Development Bank as equity investors, with NBET signing a 20-year PPA for the solar energy produced at the plant.