An American consortium in renewable energy, by name MOTIR SEASPIRE has signed a Memorandum of Understanding, (MoU) with the Minister of Power, Professor Chinedu Nebo, to deliver in two years, 1,200MW of solar powered electricity in Nigeria with an investment of $5bn.
The proposed solar technology to be installed is guaranteed U.S standard, assuring that the consortium, have the capacity to increase the scope of project up to 10,000MW in the next 5 years.
At a brief ceremony in Abuja, President and CEO, MOTIR SEASPIRE, Emmanuel Irono, a Nigerian in Diaspora, said that the team has a portfolio of over 5 billion U.S Dollars that could be accessed over a period of 5 years into its integrated renewable energy projects.
He said that the initial 1,200MW will be realized 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.
Responding after signing on behalf of Nigeria, the Honourable Minister, 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 his 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.