JV plans 3GW Nigeria PV build
A joint venture between Canada’s SkyPower Global and Saudi-owned FAS Energy hopes to develop 3GW of utility-scale PV projects over the next five years in Nigeria.
SkyPower FAS Energy signed agreements with the Federal Government of Nigeria and the Delta State Government for the development, construction and operation of the projects at an estimated cost of $5bn.
The projects will be financed through a combination of bank debt, development financing, and equity funding, the JV said,
It is claimed that more than 30,000 jobs will be created in Nigeria by the huge solar venture – which is among the most ambitious yet announced in Africa – with the first phase of commercial operation expected to start in 2015.
SkyPower Global is majority owned by CIM, a property and infrastructure investment group. The developer claims to have secured more than 300MW of power-purchase contracts and to be active in more than 60 countries.
FAS Energy – a subsidiary of Saudi Arabia’s Fawaz Alhokair Group – says it has approximately 2.4GW of capacity in development in the MENA region.