German Institution DEG Funds Solar Micro-Grids Development in Nigeria
- DEG is funding the USA-based Husk Power Systems with $750,000 to develop eight community solar micro-grids in Nigeria.
- Husk Power Systems is already running 12 micro-grids in the West African country.
Investment is getting in Africa and the industrialized world appears to be exerting to make sure that the continent is not bereft of accessibility to green power. The ace development financing institution of Germany, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), is now moneying the USA-based Husk Power Systems with $750,000 to construct 8 community solar micro-grids in Nigeria.
The financing is done by DEG to step up the renewable energy facilities in Nigeria under its Up-Scaling Program. Also, the funds are the initial financial debt elevated by Husk Power Systems for the Nigerian portfolio.
The official statement of Husk Power Systems held that the US company is already running 12 micro-grids in Nigeria. The company's goal is to elevate its organization to 500 micro-grid operations by 2026.
Under the Up-Scaling Program, DEG supplies funds to cutting-edge and also innovative investments of little and medium-sized ventures (SMEs) in creating nations like Nigeria. DEG does it in collaboration with the Federal Ministry for Economic Cooperation and also Development of Germany.
The World Bank has additionally accepted the Power Sector Recovery Operation (PSRO) of $750 million in International Development Association (IDA) credit to enhance the integrity of electricity supply and also achieve fiscal sustainability in the power sector of Nigeria.
Recently, Sterling as well as Wilson Solar Solutions, Inc (SWSS), the United States step down subsidiary of Sterling and also Wilson Renewable Energy Limited (SWRE) signed an MOU with the Government of Nigeria, along with its consortium partner Sun Africa for the development, design, construction, and appointing of solar PV nuclear power plant aggregating 961 MWp at five different locations along with battery energy storage systems (BESS) with complete installed capacity of 455 MWh. The solar energy and battery storage projects will eventually be had as well as operated by Niger Delta Power Holding Company, a Nigerian Government possessed entity.
Formerly, Singapore based renewable resource corporation, B&S Power and also Sunnyfred Global, a Nigerian investment entity, agreed to make, create, finance and also construct West Africa's largest solar PV farm in Nigeria-- The Ashama 200 MW solar PV project.