Nigeria has secured a $1.5 billion loan from the Export-Import Bank of the US for the development of solar power infrastructure in the country.
The 20-year facility will be at a concessional rate and the assets will be held by state-owned Niger Delta Power Holding Co.
Chief Executive Officer (CEO) of SUN Africa LLC, USA, Adam Cortese says the Niger Delta Power Holding Company (NDPHC) will own the assets, which he said would not only generate low cost electricity but also enable the company to pay back the loan.
Cortese stated, “Once again, this is government-to-government financing. It’s built upon the success that we’ve had in Angola recently, where we’ve delivered roughly $2.6 billion of solar PV storage and transmission capacity.