July 25, 2024
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RENEWABLE ENERGY

Nigeria Unveils $500 Renewable Energy Plan

The Nigeria Sovereign Investment Authority (NSIA) on Sunday announced the launch of its $500 million (N420 billion) Renewables Investment Platform for Limitless Energy (RIPLE).

In a statement issued in Abuja, the agency said that executing a strategic partnership agreement with the International Finance Corporation accompanied the launch of the platform to reduce the power deficit in the country.

NSIA noted that the pilot for the initiative is located within the Tokarawa Industrial Hub in Kano State in the northern part of the country.

The agency explained that the initiative involves setting up a generation and distribution system to meet 70MW of unsuppressed energy demands of industrial activities, commercial enterprises and residential customers in an area covering about 9,000 connections, the NSIA said.

According to the agency, with RIPLE, NSIA would expand energy access, enhance energy efficiency and ensure energy security in Nigeria.

The statement partly read “The pilot for this initiative is located within the Tokarawa Industrial Hub in Kano State, and it involves setting up a generation and distribution system to meet 70 megawatts of unsuppressed energy demands of industrial activities, commercial enterprises, and residential customers in an area covering about 9,000 connections,” the agency stated.

Speaking on the new development, the Programme Manager of RIPLE, Mr Yusuf Umar, said the authority would partner with the International Finance Corporation to advance the transition to energy-efficient solutions in Nigeria.

“We are excited to partner with the International Finance Corporation to advance the transition to energy-efficient solutions in Nigeria”.

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