The International Finance Corp. has agreed a deal with Alten’s Middle Band Solar One to co-develop a 120-megawatt solar r project with a consortium of developers in Nigeria.
The project is based in Lokoja in Kogi state. IFC will provide development funding and commercial and technical support to the developer consortium to co-develop the solar power project via the Middle Band Solar One project company.
The consortium comprises Alten Renewable Energy Developments Africa,Green Continent Partners Holding and Nemoante Ltd. The project is expected to reach financial close by the fourth quarter of 2016.
This project is IFC’s first solar project in Nigeria and is expected to have a considerable demonstration effect in the region, support the growth of renewable energy, increase private sector participation and ease the high dependence on gas-fired power generation, the organisation said.