{"id":674,"date":"2022-08-10T15:07:42","date_gmt":"2022-08-10T15:07:42","guid":{"rendered":"https:\/\/pscsolaruk.com\/blog\/?p=674"},"modified":"2022-08-10T15:07:43","modified_gmt":"2022-08-10T15:07:43","slug":"nigeria-secures-1-5bn-loan-from-us-to-boost-solar-power-infrastructure","status":"publish","type":"post","link":"https:\/\/pscsolaruk.com\/blog\/nigeria-secures-1-5bn-loan-from-us-to-boost-solar-power-infrastructure\/","title":{"rendered":"Nigeria Secures $1.5bn Loan From US to Boost Solar Power Infrastructure"},"content":{"rendered":"\n<p>Nigeria has secured a $1.5 billion loan from the US-EXIM Bank to boost solar power infrastructure in 10 different locations in the country.<\/p><div id=\"pscso-2173938189\" class=\"pscso-content pscso-entity-placement\"><div class=\"pscso-adlabel\">Advertisements<\/div><p><a href=\"https:\/\/pscsolaruk.com\/rfq\/\"><img data-recalc-dims=\"1\" class=\"alignnone wp-image-509 size-full\" src=\"https:\/\/i0.wp.com\/pscsolaruk.com\/blog\/wp-content\/uploads\/2022\/03\/6tp7s.png?resize=710%2C200&#038;ssl=1\" alt=\"\" width=\"710\" height=\"200\" \/><\/a><\/p><\/div>\n\n\n\n<p>Making this disclosure Thursday was the Chief Executive Officer (CEO) of SUN <a href=\"https:\/\/pscsolaruk.com\/blog\/the-bright-future-of-solar-energy-in-africa\/\">Africa<\/a> LLC, USA.<\/p>\n\n\n\n<p>Adam Cortese, while speaking with newsmen after a meeting of a delegation of the company with President Muhammadu Buhari at the State House, Abuja.<\/p><div id=\"pscso-2976132876\" class=\"pscso-content_2 pscso-entity-placement\"><div class=\"pscso-adlabel\">Advertisements<\/div><p><a href=\"https:\/\/pscsolaruk.com\/rfq\/\"><img data-recalc-dims=\"1\" class=\"alignnone wp-image-509 size-full\" src=\"https:\/\/i0.wp.com\/pscsolaruk.com\/blog\/wp-content\/uploads\/2022\/03\/6tp7s.png?resize=710%2C200&#038;ssl=1\" alt=\"\" width=\"710\" height=\"200\" \/><\/a><\/p><\/div>\n\n\n\n<p>He explained that the loan is a government to government facility on a concessional rate of over 20 years.<\/p>\n\n\n\n<p>According to him, the Niger Delta Power Holding Company (NDPHC) will own the assets which he said will not only generate low cost electricity but will enable the company to pay back the loan.<\/p><div id=\"pscso-683490162\" class=\"pscso-content-3 pscso-entity-placement\"><div class=\"pscso-adlabel\">Advertisements<\/div><p><a href=\"https:\/\/pscsolaruk.com\/rfq\/\"><img data-recalc-dims=\"1\" class=\"alignnone wp-image-509 size-full\" src=\"https:\/\/i0.wp.com\/pscsolaruk.com\/blog\/wp-content\/uploads\/2022\/03\/6tp7s.png?resize=710%2C200&#038;ssl=1\" alt=\"\" width=\"710\" height=\"200\" \/><\/a><\/p><\/div>\n\n\n\n<p>His words: \u201cOnce again, this is government-to-government financing. It\u2019s built upon the success that we\u2019ve had in Angola recently, where we\u2019ve delivered roughly $2.6 billion of solar PV storage and transmission capacity.<\/p>\n\n\n\n<p>\u201cI think the important point to note here is yes, it\u2019s a government-to-government loan, from the US-EXIM Bank to the government of Nigeria, but it\u2019s being done on a concessional rate; over 20-year tenure, which is extremely attractive.<\/p><div id=\"pscso-510934404\" class=\"pscso-cybertron pscso-entity-placement\"><div class=\"pscso-adlabel\">Advertisements<\/div><script type=\"text\/javascript\"><!--\r\nzone = \"30\";\r\npl = \"2226\";\r\nurl = \"https:\/\/cybertronads.com\/platform\";\r\n\/\/--><\/script>\r\n<script type=\"text\/javascript\" src=\"https:\/\/cybertronads.com\/platform\/show.js\"><\/script>\r\n<\/div>\n\n\n\n<p>\u201cWhat\u2019s unique about this model is that NDPHC is going to own its own assets. So, it\u2019s going to own its own generation base and our project will deliver a low levelized 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.\u201d<\/p>\n\n\n\n<p>Speaking while receiving the delegation, President Buhari declared that the rapid integration of solar power into the country\u2019s energy mix will lead to an increase in electricity access to underserved and unserved communities.<\/p>\n\n\n\n<p>He said his administration has embarked on several reforms aimed at revitalizing Nigeria\u2019s energy sector aimed at improving energy access to communities across the country.<\/p>\n\n\n\n<p>The President commended the interest of the US developer to invest in Nigeria\u2019s power sector, pledging that the Federal Government would remain committed to collaborating with the private sector in improving energy access, creating jobs and industrial development.<\/p>\n\n\n\n<p>Highlighting some of the reforms embarked upon by this administration to address Nigeria\u2019s energy needs, the President listed the recent signing of the Nigeria Climate Change Bill in November 2021, the implementation of the Power Sector Recovery Programme with the World Bank and the Nigeria Electrification Program aimed at enhancing energy access to remote communities.<\/p>\n\n\n\n<p>He also added that the Presidential Power Initiative with Siemens was aimed at achieving end to end alignment across the electricity Value Chain.<\/p>\n\n\n\n<p>According to the President: \u2018\u2018Initiatives like these will go a long way in developing local capacity through technology transfer and relieving transmission constraints through the generation and distribution of electricity in the local Distribution Companies Franchise Area, making off-take easier.<\/p>\n\n\n\n<p>\u2018\u2018The Ministers of Finance and Power as well as other Agencies of Government will remain available at all times, to ensure the achievement of this significant project as part of our efforts towards achieving Net Zero Emission by 2050.<\/p>\n\n\n\n<p>\u2018\u2018I am pleased to note the technology transfer content embedded in this initiative as well as the employment generation potentials.<\/p>\n\n\n\n<p>\u2018\u2018I thank you all for coming and look forward to receiving regular updates as you achieve significant milestones in developing your projects in Nigeria.\u201d<\/p>\n\n\n\n<p>Earlier in his remarks, Founder, Sun Africa LLC, USA, Mr Goran Rajsic, said the renewable and infrastructure company hopes to deliver solar power in multiple locations across the country, just as it has done in Angola, with financing done through the US EXIM Bank.<\/p>\n\n\n\n<p>He submitted that his organization, working with other leading energy companies, has the capacity to do what Nigeria requires in the area of power.<\/p>\n\n\n\n<p>\u201cWe will create something that will be of immediate need for Nigeria, and last for years to come,\u201d he said.<\/p>\n\n\n\n<p>He described what Sun Africa LLC, USA has in mind as \u201ca partnership for energy and infrastructure, which will revolutionize both the industrial and agricultural sectors.\u201d<\/p>\n\n\n\n<p>Also speaking, Managing Director\/Chief Executive Officer, Niger Delta Power Holding Company (NDPHC), Chiedu Ugbo, said the company will utilize the loan facility to provide solar power at 10 sites starting with five.<\/p>\n\n\n\n<p>Deji Elumoye<\/p>\n\n\n\n<p><a href=\"https:\/\/www.arise.tv\/nigeria-secures-1-5bn-loan-from-us-to-boost-solar-power-infrastructure\/\" target=\"_blank\" rel=\"noreferrer noopener\">SOURCE<\/a><\/p>\n<div id=\"pscso-3095172985\" class=\"pscso-after-content pscso-entity-placement\"><div class=\"pscso-adlabel\">Advertisements<\/div><iframe src=\"https:\/\/cybertronads.com\/platform\/show.php?z=29&pl=806\" width=\"728\" height=\"90\" marginwidth=\"0\" marginheight=\"0\" hspace=\"0\" vspace=\"0\" frameborder=\"0\" scrolling=\"no\"><\/iframe>\r\n<\/div><div id=\"pscso-1088412713\" class=\"pscso-rfq pscso-entity-placement\"><div class=\"pscso-adlabel\">Advertisements<\/div><p><a href=\"https:\/\/pscsolaruk.com\/rfq\/\"><img data-recalc-dims=\"1\" class=\"alignnone wp-image-509 size-full\" src=\"https:\/\/i0.wp.com\/pscsolaruk.com\/blog\/wp-content\/uploads\/2022\/03\/6tp7s.png?resize=710%2C200&#038;ssl=1\" alt=\"\" width=\"710\" height=\"200\" \/><\/a><\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>Nigeria has secured a $1.5 billion loan from the US-EXIM Bank to boost solar power infrastructure in 10 different locations in the country. Making this disclosure Thursday was the Chief&hellip; <\/p>\n","protected":false},"author":2,"featured_media":676,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/i1.wp.com\/www.arise.tv\/batman\/2022\/08\/Adam-Cortese.jpg?resize=1536%2C865&ssl=1","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpscppro_dont_share_socialmedia":false,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[5],"tags":[],"class_list":["post-674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nigeria Secures $1.5bn Loan From US to Boost Solar Power Infrastructure - BLOG - PSC SOLAR UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pscsolaruk.com\/blog\/nigeria-secures-1-5bn-loan-from-us-to-boost-solar-power-infrastructure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria Secures $1.5bn Loan From US to Boost Solar Power Infrastructure - BLOG - PSC SOLAR UK\" \/>\n<meta property=\"og:description\" content=\"Nigeria has secured a $1.5 billion loan from the US-EXIM Bank to boost solar power infrastructure in 10 different locations in the country. 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