• Wednesday, May 22, 2024
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NSIA, NSP seal deal for Shiroro Solar Generating Company

NSIA, NSP seal deal for Shiroro Solar Generating Company

…targets 20MW on-grid solar-hydro power

The Nigeria Sovereign Investment Authority (NSIA) and the North South Power (NSP) Company Ltd, on Tuesday, signed a joint venture agreement for the establishment of Nigeria’s pioneer 20MW On-grid Solar-Hydro Hybrid project, aimed at boosting power supply, by Shiroro Generating Company

Vice President Kashim Shettima, speaking at the event, described it as ‘a significant milestone that will boost the country’s energy transition journey’ and an affirmation of President Bola Tinubu-led administration’s resolve to embrace clean and renewable energy solutions.

Read also: Nigerian company,Paras Energy  sets up solar plant in Chad 

Shettima noted that the project was an indication that Nigeria’s energy transition journey as well as its resolve to embrace clean and renewable energy solutions was on track.

“The Federal Government of Nigeria under the leadership of President Bola Ahmed Tinubu remains steadfast in supporting initiatives that drive economic growth, enhance energy security and protect our environment,” Shettima added.

The signing of the agreement for the 20 MW solar plant is also seen as pivotal to the sustained growth and development of Nigeria’s power sector.

The Shiroro Generating Company is a joint venture project between the Nigeria Sovereign Investment Authority (NSIA) and North-South Power, investing in a pioneer 20MW solar-hydro hybrid project in Shiroro, Niger State.

The 20MW pilot project (Phase 1a) is embedded within a larger 300MW solar programme, to be co-located within NSP’s existing 600MW Shiroro Hydroelectric Power Plant concession area in Shiroro, Niger State.

Shettima noted that the nation’s resolve was to take proactive steps to ‘diversify our energy sources, reduce our carbon footprints and ensure a more sustainable future for generations to come. And this is a pioneering project in terms of hybridising power in solar and hydro.

“I believe that this is a harbinger of greater things to come. This project will serve to attract further investments in the space by growing both the business and financial models for such projects,” he explained.

The vice president commended the vision, innovation and commitment of the NSIA for the project, noting that “it is commendable as strategic partnerships like this will create opportunities for economic growth and technological advancement while simultaneously addressing the urgent need for clean and accessible energy.

“This project will catalyse the realisation of other hydro-solar projects and serve as a test case for deployment of solar energy to the national grid.”

He implored the Nigeria Electricity Regulatory Commission (NERC), Nigeria Bulk Electricity Trading (NBET), Transmission Company of Nigeria (TCN), Bank of Industry (BOI) and other relevant stakeholders in the project to ensure that they collaborate effectively with its sponsors to guarantee the timely delivery and operation of this project.

“I also urge all stakeholders involved in this venture to uphold the principles of accountability, transparency and inclusivity throughout the project’s life cycle,” he added.

Read also: Arnergy secures $3m for solar expansion in Nigeria

On his part, Adebayo Adelabu, minister of power, said the initiative aligned with the critical priorities of his ministry in terms of striving to increase energy output and also diversifying into renewable energy.

He said the project was expected to attract additional capital as well as utilise the country’s abundant renewable energy resources. Adelabu also described the project as a testament to the potential partnership to ensure sustainable development.

Aminu Umar-Sadiq, MD/ CEO of NSIA, said the partnership ‘will deepen Nigeria’s clean energy portfolio, create jobs, and re-affirm our dedication to energy efficient solutions as a lever for socio-economic development.’

He noted that the project further exemplifies NSIA’s role as a catalyst for positive change, steering Nigeria towards a more sustainable future.”

Olubunmi Peters, the executive vice chairman/CEO of North South Power Company Limited, affirmed the company’s dedication to renewable energy solutions by stating its strategic intent to embark on this Solar-Hydro Hybridisation Project,

He noted that the project “is a testament to our sustained focus on renewable energy as an integral component of economic growth.

“Through this project, we have further revalidated our over-arching mandate to uphold the highest standards of environmental and social responsibility, demonstrating innovation and market leadership.”