Nigeria’s Rural Electrification Agency (REA) and Oando Clean Energy have signed a partnership agreement to co-develop a 1.2 GW solar panel assembly facility.
As part of the agreement, the two organizations will also construct a mesh electricity generation system, which will include an off-grid power plant and a transmission network. Oando Clean Energy will implement the project in phases, beginning with a 600 MW solar PV assembly line intended to serve the local and regional markets.
According to Ademola Ogunbanjo, CEO of Oando Clean Energy, the project will be the first solar modular assembly plant in Africa with a recycling line. Part of Nigeria’s $950 million Distributed Access through Renewable Energy Scale-Up initiative, the project will be funded by the World Bank and the Japan International Cooperation Agency, and aligns with efforts to connect 17 million consumers.
Additionally, the REA will sign an agreement with technology firm Infracorp and Nigeria’s Ministry of Finance to develop an additional 1 GW solar PV panel assembly facility. The agency is also collaborating with Greenbox to accelerate the development of a lithium battery assembly plant in Lagos, which will use local minerals to meet the rising demand for lithium-based energy storage solutions.
The REA has also received government approval to establish the Renewable Asset Management Company, which will manage over $500 million in renewable energy assets.
