Saudi FAS inks big solar power deal in Nigeria
Abuja (Nigeria), May 10, 2014
Saudi-based FAS Energy and Canada's SkyPower Global have signed agreements with both Nigerian government and the Delta State of Nigeria Government for the development of 3,000 megawatts (MW) of utility-scale solar photovoltaic (PV) projects in the country.
FAS Energy is a subsidiary of Fawaz Alhokair Group, one of the leading groups of companies in the Kingdom of Saudi Arabia focusing on retail and real estate business sectors.
As per the deal, these facilities within Nigeria and the Delta State of Nigeria will be built over the next five years.
These foundational agreements represent a monumental renewable energy milestone, which entails a multi-phase development and build schedule that will result in production of clean, sustainable, cost-effective energy to support the growing energy needs of Nigeria.
The agreements were signed at the World Economic Forum on Africa during a historic ceremony for a Foreign Investment Promotion and Protection Agreement (FIPA) between the Canadian and Nigerian governments.
Representing the nations at the forum were Olusegun Olutoyin Aganga, Minister of Trade and Investment for Nigeria and Christian Paradis, Minister of International Development for Canada.
SkyPower FAS Energy said it is committed to work closely with both governments for the planning, financing, and construction of 3,000 MW of utility-scale solar PV energy projects for the Nigerian power grid, which are expected to reach commercial operation in phases starting in 2015.
“This is truly a proud moment for SkyPower FAS Energy. Global partnerships such as these are key to bringing together extensive expertise from around the world,” remarked Kerry Adler, the president and CEO of SkyPower Global.
"The signing of these landmark agreements demonstrates the shared vision of a partnership that will further stimulate the vibrant, fast-growing Nigerian economy and substantially impact the state and country’s GDPs, resulting in increased employment and skills training," he stated.
Christian Paradis said the signing of the Foreign Investment Promotion and Protection Agreement marks a significant milestone.
"It sends a clear signal to Canadian businesses that they can work in Nigeria with confidence, and to Nigerians that they can do the same in Canada," said the Canadian minister.
"Our government is looking to new approaches that deliver real results. The private sector has a crucial role to play in creating shared prosperity," he added.
SkyPower is the largest and one of the most successful developers and owners of solar energy projects in the world, while Saudi-based FAS Energy is committed to providing renewable energy solutions for the Middle East with a focus on developing alternative energy capacity.
In affiliation with one of the leading construction companies in the Middle East, FAS Energy advises government associations on how to build industry-leading solar parks.
With branches in the Mena region, namely Jordan, Egypt, and Morocco, as well as the Gulf Cooperation Council (GCC) countries and sister companies in Africa, FAS Energy’s projects include approximately 2,400 MW of pipeline in development.-TradeArabia News Service