Oriental Group signs 50 MW Solar Project with Nigeria

Oriental Renewable Solutions, also a member of the Oriental Group, have announced that it has sealed a 20-year PPA for a 50 megawatts solar project in Jigawa State of Nigeria.

The 50-MW solar project forms part of the 12 solar schemes of 1.2-GW project, which was recently secured off-take contracts with the NBET (Nigerian Bulk Energy Trader). It is expected that the 50-MW solar park will be finalized between 12 and 24 months after the developer reaches financial close. Moreover, the power purchases under the 12 contracts is said to amount to USD 1.75 billion (approx. EUR 1.56bn) over their terms.

The Oriental Renewable Solutions was formed by the Oriental Group to help address the long-term power deficit in Nigeria. The objective of the company is to establish a significant presence in the country’s fast emerging solar power generation segment. At present, Nigeria owns 12.6 GW of installed generation capacity, but it is considerably less than that is available.