The US-EXIM Bank has granted Nigeria a $1.5 billion loan facility to build solar power infrastructure in ten different places around the country.

Adam Cortese, the chief executive officer of SUN Africa LLC in the United States, revealed this to State House reporters on Thursday after a group from the company met with President Major General Muhammadu Buhari (retd.) at the Presidential Villa in Abuja.

The 20-year concession period would be covered by the government-to-government lending facility, according to Cortese.

He said, “This is government-to-government financing. It’s built upon the success that we’ve had in Angola recently, where we’ve delivered roughly $2.6bn of solar PV storage and transmission capacity.

“I think the important point to note here is yes, it’s a government-to-government loan, from the US-EXIM Bank to the government of Nigeria, but it’s being done at a concessional rate, over 20-year tenure, which is extremely attractive.

“What’s unique about this model is that NDPHC is going to own its own assets. So, it’s going to own its own generation base and our project will deliver a low-levelised cost of electricity, which will not only allow them to pay back the loan from EXIM Bank, but generate a profit on top of it.

More updates on where and when are coming on this.

Source: https://news-af.feednews.com/news/detail/65ab47efd12e9962071fa8c75db25c67?client=news

Hfh

Audio power activated.

I bet 1 million Niara with anyone that this power station will never see the light of day

Another looted funds , By the time Buhari is done, we'll all agree that every regions should go their separate ways