Firm partners FG, Oyo for clean energy solution
• To invest N108b on solar plants in Nigeria
To solve the country’s persistent power supply challenges and provide clean energy solution, a firm, Triton Solar, has said the company will invest more than N108b in the nation.
The Managing Partner, Global Head of Business, Triton Solar, Bhagi Sandilya stated this during his visit alongside the Chief Executive Officer of Silicon Valley Nigeria Economic Development Inc, Chief Temitope Ajayi, to the governor of Oyo State, Seyi Makinde.
Sandilya who commended the governor for putting the welfare of the state first above personal concern thanked him for meeting with the team during the weekend.
He said his company, a United States-based manufacturer of solar panel, lighting and batteries, would invest $100m within the five years in each of the three plants of the company to be located in Lagos and Oyo States and the Federal Capital Territory, Abuja.
He said: “The total investment worth of this plant is $100m or more over five years, starting with $25m in the first year. We need 20 per cent funding commitment from state or local financier partner.”
Sandilya who stated that the company with its global headquarters in New Jersey, USA also operates in Canada, United Arab Emirate, Morocco and India, said Nigeria would be its first country of operation on the continent.
He said though the country is a major producer of oil, the nation can rise up to become one of the biggest solar energy producers in the next 20 years as more people embrace clean energy solution.
He said the solar energy would reduce the price of power, provide clean energy solution and could electrify Nigeria, from street lights to hospitals, markets and other commercial and residential customers.
The governor assured of his administration’s cooperation with the company for a solar plant in Oyo.
Makinde who acknowledged the potential of solar energy as viable solution to the country’s power problem, said it is the future of business and the nation’s climate is suitable for it.
Speaking with The Guardian on the development, Ajayi said she championed the initiative to ensure clean energy and employment for Nigerians.
“This remains the only solution for Nigeria to have adequate power supply and attract investment to create massive employment for our teeming youths,” she said.