Nigeria Gets $473 Million Loans to Back Solar, Grid Projects

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There will be partial risk guarantees for the 1.15 GW of solar projects that recently signed power purchase agreements (PPAs) in Nigeria, local media reported, citing the minister of power.

 

Nigeria has secured a loan of USD 273 million (EUR 248m) for the Nigeria Bulk Trading Company, supporting its efforts to expand the country’s use of solar power, it was revealed on Thursday. Babatunde Fashola, minister of power and housing, said that another loan of USD 200 million from the African Development Bank will go to finance grid upgrades.

By the end of 2016 Nigeria is expected to have 6 GW of power generation capacity. This will grow to 10 GW in 2019 and 30 GW in 2030, Fashola said.

In July 14 companies signed PPAs for solar projects in nine Nigerian states. The list includes power plants with capacities of between 50 MW and 100 MW.

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