The Federal Government on Thursday in Abuja signed Front-Runner Solar Power Purchase Agreements (PPAs) worth 1.75 billion dollars with 14 companies to build 1.125 Megawatts (MW) capacity of renewable power in the country, leading the Minister of Power, Works and Housing, Mr. Babatunde Fashola to declare that before the year 2030, Nigeria would have achieved 30% capacity in renewable energy.
According to Leadership, Fashola who signed the documents on behalf of government, said the agreement was to demonstrate government’s commitment to diversify Nigeria’s power industry. According to Fashola, the PPAs are the heart and soul of financing the power industry. He disclosed that before the year 2030, Nigeria would have achieved 30% capacity in renewable energy, adding that Nigeria would invest in other renewable energy areas such as biomass and coal.
He explained that the era had gone when the country would depend on one source to generate its electricity. He added that Nigeria sited many of its solar energy projects in the northern part of the country because the area had more sun radiation than other parts. He assured the investors that the Federal Government would provide them with a good investment climate but would not tolerate low standards in the quality of their projects.
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