- Empower New Energy has recently signed a $6.5 million solar energy deal in Lagos.
- Lagos State government has set the target of generating 1,000 MW of solar power by 2030.
Norwegian renewable energy investment firm Empower New Energy has recently signed a $6.5 million solar energy deal in Lagos. The company has started a collaboration with the Nigerian clean energy company, Powercell Limited, to work on a project that aims to reduce pollution and expand clean energy use in the country.
The agreement was signed during the opening of the Lagos-Norway Energy Exchange with the support of the Nigerian Ministry of Energy and Mineral Resources. The Exchange forum was organized by the Royal Norwegian Embassy in Abuja and Norwegian Energy Partners (Norwep) for Norwegian companies to understand energy challenges and present green solutions in Nigeria. CEO of Empower New Energy, Terje Osmundsen, said the recent deal is the largest solar investment for Empower New Energy in Nigeria so far. Their partnership with Powercell will help replace diesel generators with solar PV power and batteries in several stores of Justrite Limited Group, a leading manufacturer of safety cabinets and storage devices in Nigeria.
Lagos State Commissioner for Energy, Olalere Odusote, said the state intends to create a sustainable electricity market to reduce reliance on fossil fuels and increase the use of renewable energy. According to the Commissioner, the State government has set the target of generating 1,000 MW of solar power by 2030. Odusote also mentioned that the Lagos state head and officials held a meeting on the Lagos Platform for Development (LAPD) Initiative and the technical support for the initiative, which the World Bank will offer. Projects such as setting up the State Electricity regulator and developing the Independent Systems Operator (ISO) for the emerging Lagos electricity market will also be undertaken.
Norway’s Minister of Foreign Affairs, Anniken Huitfeldt, said the recent developments and steps taken by the Lagos government would push energy companies towards clean technology and attract green investments. Norway and Nigeria have been partnering in energy deals for the last few decades, and both countries will share and utilize the necessary technology & knowledge in the green transition.