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OR Solutions, NBET Sign 50MW Jigawa Power Purchase Agreement
Oriental Renewable Solutions (Oriental), an Oriental Group company, has signed a 20 year, dollar denominated Power Purchase Agreement (PPA) with the Nigerian Bulk Energy Trader (“NBET”) for the company’s 50MW solar power project in Jigawa State.
The agreement forms part of a wider NBET process to sign up PPA’s to deliver 1.2GW of additional generation capacity to the Nigerian grid through a total of 12 solar power projects spread across Nigeria.
Oriental Renewable Solutions was established to deliver on the potential that renewable energy offers Nigeria to address a long term power deficit that continues to hold back economic growth.
Jigawa project marks the first project in a broader strategy to establish a significant footprint in Nigeria’s fast emerging solar power generation segment. The project is expected to be completed between 18 and 24 months of financial close.
Commenting on the signature of the PPA, Alhaji Muhammadu Indimi, Oriental group chairman said: “This marks a major milestone for the Oriental Group, as we implement our strategy to diversify into new areas of the Nigerian economy. We recognise the importance of power generation to Nigeria’s socio-economic development and believe that Nigeria’s natural resources extend beyond its traditional dependence on oil and gas extraction to include many more resources that new technology is making available to us. We hope that by proving the viability of renewable solutions in Nigeria, we can deepen our nation’s long term capability to deliver the power that we so desperately need, while simultaneously delivering much needed investment across a swathe of Northern Nigeria.”
Nigeria has installed generation capacity of 12.6GW, but availability of considerably less than that, and average transmission of between 3 and 4.5GW of the last year.
This is further affected by disruption to gas supply, on which the vast majority of Nigeria’s power infrastructure relies. The development of significant generation capacity in solar, and other renewables offers a strong counterbalance to the vulnerability of gas production and distribution infrastructure, while significantly reducing Nigeria’s long term carbon footprint.
Oriental Renewable Solutions was established in 2014 as an investment vehicle to develop power projects in Nigeria’s emerging renewables market segment. It is a subsidiary of the Oriental Group of companies.
The Oriental Group of companies was founded by Alhaji Muhammadu Indimi and has a portfolio of assets across the oil and gas, power, manufacturing and education sectors of the economy.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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