SkyPower FAS Energy, a joint venture between SkyPower Global and FAS Energy, has signed agreements for the development of 3,000 MW of solar PV projects across Nigeria at an estimated cost of US$5 billion.
The JV has signed agreements with both the Federal Republic of Nigeria Government and the Delta State of Nigeria Government for the development of 3,000 MW of utility-scale solar PV projects within Nigeria and the Delta State of Nigeria to be built over the next five years. The agreements represent a monumental renewable energy milestone for the country which entails a multi-phase development and build schedule that will result in production of clean, sustainable, cost-effective energy to support the growing energy needs of Nigeria.
SkyPower FAS Energy has now committed to work closely with both governments for the planning, financing, and construction of the projects which are expected to reach commercial operation in phases starting in 2015.
The agreements were signed at the World Economic Forum on Africa during a historic ceremony for a Foreign Investment Promotion and Protection Agreement (FIPA) between the Canadian and Nigerian governments.
“Global partnerships such as these are key to bringing together extensive expertise from around the world” Kerry Adler, President and Chief Executive Officer of SkyPower Global. “The signing of these landmark agreements demonstrates the shared vision of a partnership that will further stimulate the vibrant, fast-growing Nigerian economy and substantially impact the state and country's GDPs, resulting in increased employment and skills training. We applaud the leadership of the Delta State and Federal Nigerian governments for embracing this initiative and demonstrating their continued commitment to reduce carbon emissions and harness the proven power of solar PV.”
The Honourable Christian Paradis, Minister of International Development for Canada, added that the signing of FIPA sends a clear signal to Canadian businesses that they can work in Nigeria with confidence and to Nigerians that they can do the same in Canada.
The projects represent a total capital requirement of US$5 billion which will be provided through a combination of bank debt, development bank financing and equity partners. Over 30,000 jobs are to be created in Nigeria according to Stephen Bordes, SkyPower Global’s Chief Financial Officer.
SkyPower is one of the largest and most successful developers and owners of solar energy projects in the world with a pipeline of over 25,000 MW worldwide. FAS Energy provides renewable energy solutions for the Middle East and advises government associations on how to building industry-leading solar parks.