A Consortium of renewable energy firms, NIGUS and LTI Re Energy have concluded arrangement to invest $600 million in solar and renewable energy generation in the Northeast part of Nigeria.
The partnership is expected to generate 500 megawatts of electricity in the country within five years.
This was disclosed at the maiden edition of the Renewable Energy Investment Roundtable which was held in Abuja, recently.
The event was organized by the Nigerian Investment Promotion Commission (NIPC) in collaboration with Nigus International Investment Ltd and LTI Germany Incorporated as part of the federal government’s efforts to attract and retain Foreign Direct Investment into the Renewable Energy sector of the nation’s economy.
The NIPC with NIGUS and LTI have signed a memorandum of understanding to collaborate and develop the renewable energy market in the country with a focus on creation of the enabling environment for the sector.
Speaking during the official launch of the project in Abuja, the executive secretary, Nigeria Investment Promotion Commission (NIPC), Ms. Yewande Sadiku said the federal government is confident in investing in the Northeast in its determination to make Nigeria the hub of renewable energy in West Africa.
Source: <All Africa>