NSIA and North-South Power to create Shiroro Solar Company

The Nigeria Sovereign Investment Authority (NSIA) has formed a joint venture with North-South Power to establish the Shiroro Solar Company, aimed at improving the availability of clean energy in Nigeria. This initiative includes a 20 megawatt (MW) pilot project and is part of a comprehensive 300 MW solar programme to be co-located with NSP’s existing 600 MW Shiroro Hydroelectric Power Plant in Niger State.

The agreement, announced by a senior special assistant to the president on media and communications, signifies an important step in Nigeria's transition toward renewable energy solutions. Vice-President Kashim Shettima, present at the signing ceremony, emphasized the significance of this venture, underlining its potential to accelerate the nation’s energy transition.

Shettima highlighted the commitment of the current administration to adopt clean energy, aiming to promote economic growth and enhance energy security while addressing environmental challenges. He noted that developing the 20 MW solar plant marks a significant journey toward sustainable growth and development for Nigeria.

The Vice-President commended the collaborative effort, stating that it opens opportunities for technological advancements and economic benefits while responding to the pressing demand for clean and accessible energy. He stressed the role of strategic partnerships in diversifying energy sources, cutting carbon emissions, and ensuring a sustainable future.

Adebayo Adelabu, the Minister of Power, supported Shettima’s viewpoints, affirming that the project aligns with the ministry's objectives of increasing energy output and venturing into renewable energy sources. He indicated that this initiative is expected to draw additional investment and leverage Nigeria’s abundant renewable resources, showcasing the potential for such collaborations to drive sustainable development.

Aminu Umar-Sadiq, managing director and CEO of NSIA, reiterated the organization's dedication to enhancing Nigeria's clean energy portfolio. He indicated that this partnership aims not only to generate employment opportunities but also to reaffirm a commitment to energy-efficient solutions as a basis for socio-economic development.

Olubunmi Peters, the executive vice-chairman and CEO of North-South Power, echoed the company’s focus on renewable energy. He described the solar-hydro hybrid project as a demonstration of the commitment to integrating renewable energy into Nigeria's economic growth strategy.

This joint venture is expected to significantly enhance Nigeria's renewable energy capacity, contributing to a more diverse energy landscape. The Shiroro Solar Company will act as a test case for integrating solar power into the national grid, potentially setting a precedent for future hydro-solar projects across the country.

The Nigerian Renewable Energy Market is on track for notable growth, with ongoing advancements in solar, wind, and hydro power technologies. For further insights into the current trends and future projections within this market, refer to the Nigeria Renewable Energy Market report.