French renewable energy developer Global EcoPower (GEP) has bought over Morocco-based Nova Power, enabling GEP to extend into North and West Africa as well as the middle-east.
The first purchase instalment has been capped at $15.3 million (ZAR173 million) while the second payment is dependent on Nova’s performance, PV tech reported.
Nova has signed a contract with Total to develop solar power plants in Nigeria with a combined generation capacity of 500MW.
According to Nova’s plans, work on the first 125MW will commence at the end of 2015. Plans are in place to begin developing the other plants in 2016 with a capacity of 150MW.
Jean-Marie Santander, president and CEO, GEP highlighted the importance of integrating renewable energy into a country’s energy mix.
“We see daily the challenges the production of electricity represents, especially in terms of governance. Now the ‘green growth’ demonstrates that renewable energies are essential in the energy policies of the states and major energy companies. In Africa, only the Maghreb countries or East Africa can count on the wind power, while other countries need to rely on solar power”, Santander said.