The power market in Nigeria has in recent years experienced an extreme uprise, as a result of the extensive energy market reforms in the country. The demand for power production has resulted in a large amount of independent developers proposing renewable energy projects all over the country.
Apfoss Renewables, a European consulting firm, reports that they see a continuing trend in the market towards wind and solar projects. The firm, which assists developers on project execution and development, as well as advising state governments, has chosen to focus solely on the Nigerian market for this reason.
Due to new market regulations, the Nigerian market for especially solar energy has become extremely attractive with high returns for investors and developers. Several large-scale wind projects are also under way in Nigeria.
According to Apfoss Renewables, the main hurdle for project developers is financing and execution power.
“We consider ourselves a full-service consultancy firm, meaning that we assist our clients, mainly project developers, throughout the complete project phase. Currently we are seeing a lot of activity in the market in terms of proposed projects with solid business cases, but at the same time a lack of capital and market knowledge. That’s why we have chosen to focus on the Nigerian market, as we see a way to face these challenges, and introduce the great opportunities of the Nigerian power sector to the international financial industry and energy sector. We provide financing for the project and help execute it fast and efficient” Says Mr. Jesper Oehlenschlaeger, Chairman of the Apfoss Group.
Apfoss Renewables is represented in Switzerland, Germany and Denmark, and plans to open an office in Lagos within 2013.