NSIA, NSP sign agreement to set up Shiroro solar generating company
… It’s a new phase in Nigeria’s Energy Transition Plan – Shettima
A joint venture agreement for the establishment of the Shiroro Generating Company, Nigeria’s pioneer 20MW on-grid solar-hydro hybrid project, between the Nigeria Sovereign Investment Authority (NSIA) and North-South Power (NSP) Company Ltd. was signed on Tuesday at the Presidential Villa, Abuja.
The ceremony was witnessed by Vice President Kashim Shettima, who said Nigeria’s energy transition journey as well as its resolve to embrace clean and renewable energy solutions remain on track under the administration of President Bola Tinubu.
The 20MW Pilot Project (Phase 1a) is embedded within a larger 300MW solar programme, to be co-located within NSP’s existing 600MW Shiroro Hydroelectric Power Plant concession area in Shiroro, Niger State.
The vice president noted that the event “marks a significant milestone and will boost the country’s energy transition journey” and is an affirmation of the Bola Tinubu administration’s resolve to embrace clean and renewable energy solutions.
He added: “The Federal Government of Nigeria, under the able leadership of President Bola Ahmed Tinubu, remains steadfast in supporting initiatives that drive economic growth, enhance energy security, and protect our environment,” the Vice President noted.
Speaking on the significance of the project, the vice president said the signing of the agreement for the 20 MW solar plant is “a journey that is pivotal to our sustained growth and development as a nation.”
“As a nation, our resolve is to take proactive steps to diversify our energy sources, reduce our carbon footprints, and ensure a more sustainable future for generations to come. And this is a pioneering project in terms of hybridising power from solar and hydro.
“I believe that this is a harbinger of greater things to come. This project will serve to attract further investments in the space by growing both the business and financial models for such projects,” Shettima added.
The vice president also commended the vision, innovation, and commitment of the NSIA to the project, noting that “it is commendable as strategic partnerships like this will create opportunities for economic growth and technological advancement while simultaneously addressing the urgent need for clean and accessible energy.
“This project will catalyse the realisation of other hydro-solar projects and serve as a test case for the deployment of solar energy on the national grid.”
Shettima appealed to the Nigeria Electricity Regulatory Commission (NERC), Nigeria Bulk Electricity Trading (NBET), Transmission Company of Nigeria (TCN), Bank of Industry (BOI), and all other relevant stakeholders in the project to ensure that they collaborate effectively with its sponsors to guarantee the timely delivery and operation of this project.
“I also urge all stakeholders involved in this venture to uphold the principles of accountability, transparency and inclusivity throughout the project’s life cycle,” he added
Speaking earlier, Minister of Power, Mr Adebayo Adelabu, said the initiative aligns with the critical priorities of his ministry in terms of striving to increase energy output and also diversifying into renewable energy.
According to him, the project is expected to attract additional capital as well as utilise the country’s abundant renewable energy resources, noting that it is a testament to the potential partnership to ensure sustainable development.
On his part, the MD/CEO of NSIA, Mr Aminu Umar-Sadiq, said the partnership “will deepen Nigeria’s clean energy portfolio, create jobs, and re-affirm our dedication to energy-efficient solutions as a lever for socio-economic development. It further exemplifies NSIA’s role as a catalyst for positive change, steering Nigeria towards a more sustainable future.”
The Executive Vice Chairman/CEO of North South Power Company Limited, Engr. Olubunmi Peters affirmed the company’s dedication to renewable energy solutions by stating its strategic intent to embark on this solar-hydro hybridization project.
He noted that the project “is a testament to our sustained focus on renewable energy as an integral component of economic growth.
Through this project, we have further revalidated our overarching mandate to uphold the highest standards of environmental and social responsibility, demonstrating innovation and market leadership.”