Tingo Foods to add 110-MW captive solar plant at its Nigeria facility

• Lagos-based agri-food company Tingo Foods Plc will certainly organize a 110-MW captive solar power plant at its scheduled state-of-the-art food handling center in the Delta State of Nigeria, its parent business stated on Wednesday.

New Jersey-based team MICT Inc (NASDAQ: MICT) stated that its wholly-owned subsidiary had participated in a partnership with UK firm Evtec Energy Plc, which will certainly fund the project with a USD-150-million (EUR 141.3 m) financial investment.

Evtec Energy has monetary partners in Credit Suisse, JPMorgan and also Roth, as well as an innovation partner in TAE Power Solutions Limited. TAE Power's modern technology will certainly be used in the project.

Tingo Foods will source electrical energy from the solar plant under a power purchase agreement (PPA), MICT said.

Tingo Foods will certainly aim to open the new food handling facility in the initial half of 2024. The USD-1.6-billion center will be the first of its kind in Nigeria and also potentially the biggest in Africa, according to MICT.

Tingo Foods, Evtec Energy as well as TAE Power will certainly check out comparable projects throughout Nigeria as well as Sub-Saharan Africa, the declaration includes.