JUST IN: NSIA, NSP Sign Agreement To Establish Shiroro Solar Generating Company

NSIA, NSP Sign Agreement To Establish Shiroro Solar Generating Company

NSIA, NSP Sign Agreement To Establish Shiroro Solar Generating Company

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's energy transition journey as well as its resolve to embrace clean and renewable energy solutions remains on track under the administration of , Kashim Shettima has said.

The Vice President stated this on Tuesday at the Presidential Villa during the signing of the joint venture agreement for the establishment of the Shiroro Generating Company, Nigeria's pioneer 20MW On-grid Solar-Hydro Hybrid project, between the Nigeria Sovereign Investment Authority (NSIA) and North South Power (NSP) Company Ltd.

According to a statement by his spokesman, Stanley Nkwocha, Shettima noted that the “marks a significant milestone and will boost the country's energy transition journey” and an affirmation of administration's resolve to embrace clean and renewable energy solutions.

“The under the able leadership of President remains steadfast in supporting initiatives that drive economic growth, enhance energy security and protect our environment,” the Vice President noted.

The Shiroro Generating Company is a joint venture project between the Nigeria Sovereign Investment Authority (NSIA) and North-South Power, investing in a pioneer 20MW solar-hydro hybrid project in Shiroro, Niger State.

The 20MW Pilot Project (Phase 1a) is embedded within a larger 300MW solar programme, to be co-located within NSP's existing 600MW Shiroro Hydroelectric Power Plant concession area in Shiroro, Niger State.

Speaking on the significance of the project, the VP said the signing of the agreement for the 20 MW solar plant is “a journey which is pivotal to our sustained growth and development as a nation.”

“As a nation, our resolve is to take proactive steps to diversify our energy sources, reduce our carbon footprints and ensure a more sustainable future for generations to come. And this is a pioneering project in terms of hybridizing power in solar and hydro.

“I believe that this is a harbinger of greater things to come. This project will serve to attract further investments in the space by growing both the and financial models for such projects,” the VP added.

Vice President Shettima also commended the vision, innovation and commitment of the NSIA on the project, noting that “it is commendable as strategic partnerships like this will create opportunities for economic growth and technological advancement while simultaneously addressing the urgent need for clean and accessible energy.

“This project will catalyze the realization of other hydro-solar projects and serve as a test case for deployment of solar energy on to the national grid.”

The VP then implored the Nigeria Electricity Regulatory Commission (), Nigeria Bulk Electricity Trading (NBET), Transmission Company of Nigeria (TCN), of Industry (BOI) and all other relevant stakeholders in the project to ensure that they collaborate effectively with its sponsors to guarantee the timely delivery and operation of this project.

“I also urge all stakeholders involved in this venture to uphold the principles of accountability, transparency and inclusivity throughout the project's life cycle,” he added

Earlier in his remark, Minister of Power, Mr Adebayo Adelabu, said the initiative aligns with the critical priorities of his Ministry in terms of striving to increase energy output and also diversifying into renewable energy.

Adelabu said the project is expected to attract additional capital as well as utilize the country's abundant renewable energy resources, noting that it is a testament to the potential partnership to ensure sustainable development.

On his part, the Managing Director/ CEO of NSIA, Mr Aminu Umar-Sadiq, said the partnership “will deepen Nigeria's clean energy portfolio, create jobs, and re-affirm our dedication to energy efficient solutions as a lever for socio-economic development. It further exemplifies NSIA's role as a catalyst for positive change, steering Nigeria towards a more sustainable future.”

In the same vein, the Executive Vice Chairman/CEO of North South Power Company Limited, Engr. Olubunmi Peters, affirmed the company's dedication to renewable energy solutions by stating its strategic intent to embark on this Solar-Hydro Hybridization Project.

He noted that the project is a testament to the company's sustained focus on renewable energy as an integral component of economic growth.

Through this project, he noted, the company has further revalidated its over-arching mandate to uphold the highest standards of environmental and social responsibility, demonstrating innovation and market leadership.

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