Leading utility-scale solar and off-grid provider Sun Africa has inked a $10-billion agreement with the Federal Government of Nigeria to generate clean and reliable electricity through solar power and battery energy storage development.
Targeting the supply of electricity to over 30 million Nigerians across six regions, the agreement encompasses a development and Engineering, Procurement and Construction framework that provides for the construction of 5,000 MW of solar power and 2,500 MWh of battery energy storage.
Last August, Sun Africa signed another agreement with the Nigerian Federal Government – leveraging a $1.5-billion loan from the Export-Import Bank of the U.S. – aimed at installing new solar generation capacity and increasing electricity access rates in urban and rural areas alike. Nigeria, for its part, has affirmed its plans to achieve 30 GW by 2030 with 30% renewable energy penetration.
The AfDB signed a technical assistance agreement with the Bank for Trade and Industry of Mauritania to improve access to finance for women in Africa.
As new discoveries are made and exploration campaigns launched, the demand for offshore rigs is expected to increase significantly in Africa in 2023.
