The Export Import Bank of the United States (US-EXIM) has provided a $1.5 billion loan for Nigeria to increase solar energy infrastructure in the country, according to a statement from the CEO of SUN Africa LLC, United States, Adam Cortese, received by President Muhammadu Buhari at the State House on Thursday 4 August. The facility is granted at a concessional rate over 20 years.
Again, this is government-to-government funding. It builds on our recent success in Angola, where we delivered approximately $2.6 billion of solar PV storage and transmission capacity,” said Adam Cortese.
The low-cost power generation assets will be owned by Niger Delta Power Holding Company (NDPHC) and will enable the company to repay the loan.
Speaking at the delegation reception, President Buhari said the rapid integration of solar energy into the country’s energy mix would lead to increased access to electricity for underserved communities and not served. He said his administration had embarked on several reforms aimed at revitalizing the Nigerian energy sector and improving access to energy for communities across the country.
“Initiatives such as these will go a long way towards building local capacity through technology transfer and alleviating transmission constraints through the generation and distribution of electricity within the franchise area of local distribution companies. , which will facilitate the collection, President Buhari said.
US-EXIM Bank is the official export credit agency of the United States. EXIM’s financing covers a wide range of industries, including thermal and renewable energy, mining, technology, satellites, telecommunications, transport and infrastructure.
The institution recently launched a transformational export program to compete with China in key emerging export areas such as biomedical technology, renewable energy and quantum computing in Africa.
