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Scatec Solar has signed an agreement to develop, build, own and operate a solar power plant in Jigawa State, Nigeria
The project has been scheduled to reach financial close in 2017 and commercial operations to begin 12 months later.
In July, Scatec Solar signed a 20-year Power Purchase Agreement (PPA) with Nigerian Bulk Electricity Trading Plc. (NBET), and made an official announcement on the construction of the 100MW solar power plant after signing an agreement with African-focused Canadian renewable energy firm CDIL and Nigerian strategic consulting company BPS.
“Solar power in Nigeria has significant long-term potential, and we want to take part in the development of this new market,” said Raymond Carlsen, CEO of Scatec Solar. “This investment is the culmination of an extensive review, during which the Nova Scotia Power project stood out thanks to its exceptional fundamentals.
“With the quality of its site, development standards and equity funded by Scatec Solar and its partners, the project is ideally positioned to progress rapidly to financial close.”
Scatec Solar produces electricity from 404MW of solar power plants worldwide with close to half of its global capacity located in the Africa.
Arif Mohiuddin, president and CEO of CDIL’s parent company CPCS, commented, “We recognised the importance of partnering with a sponsor able to bring the project to financial close and with whom we share a long-term vision. We are proud of teaming up with Scatec Solar, who has demonstrated its unique ability to deliver similar projects in Africa.”