Consortium of DFI’s Engaged to Provide Senior Debt to Jigawa Solar Project
Scatec Solar has signed a Joint Development Agreement (JDA) with Africa50, an African Infrastructure Fund sponsored by the African Development Bank and more than 20 African States and Norfund (the Norwegian Investment Fund for Development Countries), securing investment into the 100 MW (DC) Nova Scotia Power plant located in Dutse in the Northern Nigerian state of Jigawa. The project has the potential to significantly contribute to the plan of the authorities of the State of Jigawa to attract USD 2 billion of investments into Jigawa and implement Nigerian President Muhammadu Buhari's plans to provide jobs and economic opportunities especially for the nation's youth.
The signing ceremony of the JDA was held in the presence of Børge Brende, the visiting Norwegian Foreign Minister, His Excellency, Barrister Ibrahim Hassan Hadejia, Deputy Governor of Jigawa State, as well as officials from the Nigerian Bulk Electricity Trading among others. "New local power generation capacity is a key element to attract sizeable investment into the State and region, especially into new industries such as light manufacturing and agricultural processing" said His Excellency the Deputy Governor.
"I am pleased that Africa50 is already making its first investment, which fits in squarely with our priority to light up and power Africa," said Dr. Akinwumi Adesina, President of the African Development Bank (AfDB) and Chairman of Africa50's Board of Directors. Africa50 has been created by African governments, including Nigeria, the African Development Bank and institutional investors to mobilize private sector for funding infrastructure projects in Africa. Alain Ebobisse, Africa50's CEO noted: "Access to reliable energy is one of the most critical needs in Africa, including in Nigeria, where it is a government priority. I look forward to deepening the relationship with the authorities of Nigeria, one of our key shareholder countries, and to supporting more projects in this and other infrastructure sectors."