International Finance Corporation (IFC), a World Bank Group member, has signed a joint development agreement with Alten’s Middle Band Solar One to develop a 120MW peak photovoltaic solar power project in Lokoja, Kogi, Nigeria.
Both the companies will undertake the project with a consortium of other developers and with the support of the concerned government.
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Alten Renewable Energy Developments Africa, Green Continent Partners Holding and Nemoante have formed the consortium for the project.
Under the deal, IFC’s Global Infrastructure Project Development Fund, IFC InfraVentures will offer development funding as well as commercial and technical support to the consortium to develop the project.
The funding will be done via Middle Band Solar One project company.
The project is expected to be completed by the fourth quarter of next year.
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By GlobalDataTo be built in Lokoja, Kogi State, the project is expected to deliver renewable energy to around 175,000 people and industrial groups as well as create job and help economic growth in Nigeria.
Middle Band Solar One co-founder and managing director Erabor Okogun said: "We will leverage our local knowledge with the long-term experience and technical expertise of Alten and IFC in developing solar power projects globally, to build a world class solar project that not only increases the country’s energy supply and diversifies its energy mix but also helps mitigate climate change, fundamental for the sustainable development of Nigeria."
With this first solar project in Nigeria, IFC expects to support the country’s renewable energy sector as well as reduce dependency on gas-fired power generation plants.
IFC Nigeria country manager Eme Essien Lore said: "The World Bank Group’s core focus is to support the development of infrastructure in the country.
"This project supports our commitment to the Federal Government of Nigeria under our Energy Business Plan, a comprehensive World Bank Group approach to support each segment of the energy value chain in the country.
"IFC InfraVentures allows us to get involved in the project at a relatively early stage and collaborate with our partners to ensure that the project meets the highest technical and environmental standards.
Through this project, IFC is also supporting the Federal Government’s strategy to add more renewable energy generation, especially solar, to the energy mix in Nigeria."
