MOTIR SEASPIRE, a consortium of American investors in renewable energy, has signed a Memorandum of Understanding (MoU) with Nigeria to deliver in two years 1,200 megawatts (mw) of solar powered electricity in the country.
The solar technology is of United States standard, and the consortium has capacity to increase supply to 10,000mw in five years, according to MOTIR SEASPIRE President and Chief Executive Officer, Emmanuel Irono.
He spoke at the MoU signing ceremony in Abuja, where he signed on behalf of the company, and Power Minister, Chinedu Nebo, did on behalf of Nigeria.
Irono, a Nigerian in the Diaspora, disclosed that the team has a portfolio of over $5 billion to invest in integrated renewable energy projects over five years.
He said the initial 1,200mw will be realised in two years, with 80 per cent local content component that will make Nigeria the hub of the company’s activities in Africa.
“As a compatriot, the concern for providing employment to the teeming populace will be a plus to the company’s quest for the provision of training for the Nigerian workforce in the power sector in general and renewable energy in particular,” he stressed.
Nebo expressed delight that a Nigerian is making the giant stride of harnessing the vast potential of solar energy, adding that studies showed that Africa’s solar potential is over three times that of other renewable energy sources combined.
He promised that the government will fast track the project and also assist the consortium to leverage on the Power Africa initiative of U.S. President Barrack Obama in funding it.
“We must support this project, as it will be in tandem with [President Goodluck Jonathan’s] long time wish for Nigeria to enjoy its abundant solar potentials, especially as those in the rural areas, as envisioned in a project like this, would be linked to the micro or mini grid system,” Nebo said.
