Babatunde Fashola, Nigeria’s Minister of Power Works and Housing, has signed off on two put/call option agreements (PCOA) with solar developers Afrinegia Nigeria Limited and CT Cosmos Nigeria Limited.
The signings, coordinated by the Nigerian Bulk Electricity Trading Plc (NBET), are expected to help finalise a power-purchase agreement that the federal government signed with 14 PV developers during the summer of 2016.
The agreement will see Afrinegia Nigeria Limited develop a 50MW PV project, while CT Cosmos will develop a 70MW installation.
Fashola noted: “Sometimes when the weather gets stormy and cloudy, like it has been a few months back, some of the first people to go are the moving investors as they look for calmer weather. It is the persistence and perseverance and the indomitable spirit of Nigerians who have invested in Nigeria that will help to support the efforts that the President and Vice President and the Nigerian Government are making to rebuild the Nigeria that we want to see”.
Fashola added: “It sits very well with our Ministry’s [plan] to deliver 30% of our total energy capacity through renewables by 2030. So it has ticked all of the right boxes; what remains now is to tick the final box to get power to people's’ homes”.