- Evtec Energy has partnered with MICT for a $150 million investment in Nigeria.
- Evtec will build a 110 MWp solar photovoltaic plant to power a factory of Tingo Foods, MICT’s subsidiary in Nigeria.
Evtec Energy will nvest $150 million in Nigeria. The project management has agreed to construct a 110 MWp solar PV facility with financial technology company MICT. A factory being built in Delta State, in southern Nigeria, would be powered by the plant’s clean energy.
The Tingo Foods plant, a MICT subsidiary, is being built in the Onicha Ugbo Aniocha North Local Government Area’s village of Ishiekpe.
The project has been ongoing since the beginning of January 2023 and should take 18 to 24 months to complete. The plant, which will cost US$1.6 billion and was started in response to the creation of the African Continental Free Trade Area (AfCFTA), is anticipated to process a variety of products, including rice, tea, coffee, chocolate, biscuits, edible oil, cashew milk, millet-based cereals, beer, mineral water, soft drinks, pasta, and noodles.
Dozy Mmobuosi, the director of Tingo Foods, claims that his facility would also operate as a “platform for producing and marketing new goods in the future”. By opting for solar energy, Tingo wants to minimise the environmental footprint of its factory while securing its electricity supply in a Nigerian context marked by the resurgence of load shedding.