A consortium of American Investors in renewable energy, under the auspices of MOTIR SEASPIRE has signed a Memorandum of Understanding, MoU, with the federal government to deliver 1,200MW of solar-powered electricity in Nigeria within the next two years.
The proposed solar technology to be installed is guaranteed U.S standard, assuring that the consortium, has the capacity to increase the scope of project up to 10,000MW in the next five years.
President and Chief Executive Officer, CEO, MOTIR SEASPIRE, Emmanuel Irono, a Nigerian in diaspora, said at the brief ceremony in Abuja, that the team has a portfolio of over five billion U.S Dollars that could be accessed over a period of five years into its integrated renewable energy projects.
He said that the initial 1,200MW will be realised in the next two years, adding that the local content component of eighty percent Nigerians will make the country the hub of its activities in Africa.
He said, “As a compatriot, the concern for providing employment to the teeming populace will be a plus to the company’s quest for provision of training for the Nigerian workforce in the power sector in general and renewable energy in particular”.
Responding after signing on behalf of Nigeria, the Minister of Power, Professor Chinedu Nebo said that he is excited that a compatriot is making this giant stride of harnessing the vast potentials of energy in solar, adding that studies have shown that Africa is greatly endowed with solar put at over 3 times the capacity of all other renewable energy sources combined.
He commended the American group for taking the bold step, insisting that the government would do all within its power in fast tracking this project.
He also promised to assist the group to leverage on the Power Africa initiative of President Barrack Obama in the area of funding for the project.
“We must support this project, as it will be in tandem with Mr. President’s long time wish for Nigeria to enjoy its abundant solar potentials especially those in rural areas, as it is envisioned that through a project like this, they would be linked to micro or mini grid system” he noted.