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Nigeria Gets $1.5bn Loan To Improve Solar Power Infrastructure |


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Nigeria has secured a $1.5 billion loan from the US-EXIM Bank to deliver solar power infrastructure in 10 different locations in the country.

This was disclosed by Adam Cortese, Chief Executive Officer, SUN Africa LLC, USA, after a meeting of a delegation of the company with President Muhammadu Buhari at the Presidential Villa, Abuja on Thursday.

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He explained the loan is a government to government is facility on a concessional rate of over 20 years.

According to him, the Niger Delta Power Holding Company (NDPHC) will own the assets which he said will not only generate low-cost electricity and enable the company to pay back the loan.

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Cortese stated: Once again, this is government-to-government financing. It’s built upon the success that we’ve had in Angola recently, w. we’ve delivered roughly $2.6 billion of solar PV storage and transmission capacity.

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

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“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.”

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