N108b investment for clean energy solution coming

To solve its persistent power supply challenges and provide clean energy solution to fast track development, Nigeria is on the verge of securing N108b from investors.

Oyo State governor, Seyi 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. The governor made the remark while receiving representatives of a United State- based company, Triton Solar in Ibadan, Oyo State.

The governor assured of his administration’s commitment to boosting power generation in the country and plead support for the establishment of a solar plant in the state.

The Managing Partner, Global Head of Business, Triton Solar, Mr Bhagi Sandilya who visited the governor alongside the Chief Executive Officer of Silicon Valley Nigeria Economic Development Inc, Chief Temitope Ajayi, commended the governor for putting the welfare of the state first above personal concern and thanked him for meeting with the team during the weekend.

He said his company, a 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 percent 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, provides clean energy solution and could electrify Nigeria, from streetlights to hospitals, markets and other commercial and residential customers.

Speaking with The Guardian on the development, Ajayi said she championed the initiative to ensure clean energy and employment for Nigerians.“This remain the only solution for Nigeria to have adequate power supply and attract investment to create massive employment for our teeming youths,” she said.