On Tuesday, Access Infra Africa, a technology agnostic firm that focuses on developing affordable and sustainable power assets, has signed a joint development agreement with Nigerian Quaint Global Energy Solutions for the development of a 50MW solar photovoltaic (PV) plant.
Solar PV plant: Equity stake
According to Access, the agreement stipulates that they will “take an equity stake in the winning projects and fund third party development costs such as feasibility studies, grid studies, environmental and social impact assessments and other due diligence fees.”
The renewable power developer has agreed to contribute 30% towards the equity for the $100 million solar project while Quaint has secured a $1.3 million grant from the US Trade and Development Agency for ABIBA solar PV plant.
In addition, the power developer will provide technical support, financial structure and development process management.
Expanding energy efforts
The ABIBA solar PV plant is said to generate enough power to meet the demands for an estimated 600,000 households in northern Nigeria, Reuters reported.
The PV plant will be located in the northern Kaduna state and is expected to bolster efforts in reducing the West African country’s power deficit.
According to Reuters, the plant could become the largest solar PV plant in Africa, outside of South Africa, should it reach all its milestones.
In October, the Nigerian Vice President Yemi Osinbanjo (SAN) signed an agreement with the UK to increase the deployment of solar energy to the West African country’s rural communities.
The signing follows the launch of the UK’s Energy Africa access campaign, which is designed to help Africa achieve universal energy access by 2030.
Osinbajo said the energy access programme is an opportunity for Africa, and through the partnerships, could bring universal access to energy.
Osinbajo said: “With the cost of solar power 20 years ago that would have been impossible; the combination of innovation in technology, the low cost of solar power has made this all the more possible.
“This is an incredible opportunity in Africa, especially Nigeria, with over 96 million people who do not have access to power.”