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- 116m UK bet backs Nigeria’s private energy surge
116m UK bet backs Nigeria’s private energy surge
Cc - Energy Commission of Nigeria
From the newsletter
Nigeria’s Energy Commission has signed a $116m Memorandum of Understanding (MoU) with London-based UNIDACO to expand renewable-energy capacity. The agreement lands on the heels of more than $400m in fresh commitments spanning solar, metering, battery storage and recycling to accelerate clean energy deployment in the country.
As a nation, Nigeria needs more than $23 billion to close its energy access gap and is targeting 277 GW of installed electricity by 2060, against that scale.
Private players are now placing sizeable bets in Nigeria’s energy market. Recent entrants include China’s Longi, Sun King, Konexa, Climate Fund Managers and Norfund, among others.
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