Nigeria High Commissioner, Chief Ojo Uma Maduekwe (left), Permanent Secretary, Federal Ministry of Power, Ambassador (Doctor) Godknows Boladei Igali (centre), and SkyPower Global's Vice President of Development for Africa, Benoit Fortin (right) following the signing of the agreements in Abuja, Nigeria. (PRNewsFoto/SkyPower FAS Energy).
ABUJA, Nigeria,
May 7, 2014 /PRNewswire/ --
- SkyPower FAS Energy, a joint venture between SkyPower Global and
FAS Energy, signs agreements with both the Federal Government of
Nigeria
and the Delta State Government for the development, construction and
operation of 3,000 MW of solar PV projects at an estimated cost of
US$5 billion.
SkyPower FAS Energy signed agreements with both the Federal Republic of Nigeria Government and the
Delta State of Nigeria Government for the development of 3,000 megawatts (MW) of utility-scale solar photovoltaic (PV) projects within
Nigeria and the
Delta State of Nigeria to be built over the next five years.
(Photo:
http://photos.prnewswire.com/prnh/20140507/85489 )
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.
SkyPower FAS Energy 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.
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 the Honourable
Olusegun Olutoyin Aganga, Minister of Trade and Investment for the
Federal Republic of
Nigeria and the Honourable Christian Paradis, Minister of International Development for
Canada.
"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," said proud Canadian
Kerry Adler, President and Chief Executive Officer 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.
We applaud the leadership of the
Delta State
and Federal Nigerian governments for embracing this initiative and
demonstrating their continued commitment to reduce carbon emissions and
harness the proven power of solar PV."
"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
Honourable Christian Paradis, Minister of International Development for Canada.
"Our government is looking to new approaches that deliver real results.
The private sector has a crucial role to play in creating shared
prosperity."
"The total capital requirement for these projects is an estimated
US$5 billion,
which will be financed through a combination of bank debt, development
bank financing, and equity partners. Over the life of the projects, it
is estimated that more than 30,000 jobs will be created in
Nigeria," said
Stephen Bordes, Chief Financial Officer of SkyPower Global.
"It is with great pride that we announce the signing of these agreements," commented
Sabri Asfour, the General Manager of SkyPower FAS Energy. "This is a historic day, as the signing of these agreements and commencement of these groundbreaking projects in
Nigeria clearly demonstrate
Nigeria's
commitment to clean, renewable energy. SkyPower FAS Energy's combined
expertise in infrastructure development and construction will generate a
large number of new jobs, support skills development, and increase
prosperity in the regions of the country where these solar projects will
be built."
"The Nigerian Government is pleased to partner with SkyPower FAS
Energy and we look forward to creating more power and more jobs for the
people of
Nigeria," commented
Permanent Secretary, Federal Ministry of Power, Ambassador (Doctor) Godknows Boladei Igali. "Foreign investment in
Nigeria
helps build the economy and strengthen international ties with a
well-respected and viable partner such as SkyPower FAS Energy."
"
Delta State is pleased to sign this agreement with the world's largest solar developer, SkyPower FAS Energy," said
Doctor Emmanuel Eweta Uduaghan, Governor, Delta State of Nigeria. "It represents a continued effort to provide even more clean and renewable energy that can be sustained for decades to come.
Delta State: Beyond oil into solar."
SkyPower FAS Energy believes in being strongly rooted in the local
business community and plans to work closely with local Nigerian
businesses and other local partners.
About SkyPower FAS Energy
In
August 2013, SkyPower entered into a
joint venture agreement with FAS Energy, a subsidiary of Fawaz Alhokair
Group. SkyPower brings 11 years of experience developing utility-scale
renewable projects around the world. FAS Energy brings an unprecedented
amount of knowledge in real estate and construction from its extensive
experience and presence in the MENA region. The joint venture's sole
strategic focus is to develop and build Utility-Scale Solar PV parks
across the MENA region.
About SkyPower (
http://www.skypower.com)
SkyPower is the largest and one of the most successful developers and
owners of solar energy projects in the world. SkyPower's international
team of experienced professionals, power project specialists, and
partners have built, assembled and acquired an extensive pipeline of
over 25,000 megawatts worldwide. This development portfolio of large
utility-scale solar PV projects makes SkyPower the world's largest solar
development company.
With over 300 MW of awarded power purchase contracts, SkyPower has
built strategic global partnerships with local developers, international
leaders, financiers, suppliers, local communities, and indigenous
peoples to produce over 219 million kilowatt hours of clean electricity
to date.
Established in 2003, SkyPower has grown to over 135 employees,
consultants, and advisors in 35 global offices, supporting development
activities in more than 60 countries.
SkyPower sources, develops, finances, owns, and operates all of its
solar energy projects, from the initial discovery stages through to
commercial operation. SkyPower's finance team brings a long track record
of raising funds for investment in utility-scale solar power
generation, closing on over
US$2.5 billion in renewable energy transactions since 2003. SkyPower has successfully raised
US$250 million in project financings, and has arranged for corporate debt facilities totaling
US$100 million. SkyPower has secured contracts representing over
US$4 billion worth of energy sales to utilities around the world.
SkyPower is majority owned by CIM, a transformational urban real
estate and infrastructure investment firm founded in 1994 with over
US$14.7 billion in assets under management. (
http://www.cimgroup.com)
About FAS Energy (
http://www.fawazalhokair.com)
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.
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. The Group expanded
its business operations beyond the borders of the Kingdom and invested
in retail and real estate sectors across the
Middle East and
North Africa (MENA) region,
USA and Commonwealth of Independent States (CIS) region. FawazAlhokair Group had a turnover in excess of
SAR6 billion (
US$1.6 billion)
for 2012-2013. With more than 12,000 employees, Fawaz Alhokair Group is
the single largest owner and operator of shopping malls in the
Kingdom of Saudi Arabia.
For further information:
For more information about SkyPower FAS Energy:
Li Koo
Senior Director, International Affairs and Communications, SkyPower
lkoo@skypower.com
+1-647-478-1146
Hando Kang
Vice President of International Affairs and Communication, SkyPower
handok@skypower.com
+1-647-478-2812
Stephen Bordes
Chief Financial Officer, SkyPower
stephen.bordes@skypower.com
+1-647-479-4166
SOURCE SkyPower FAS Energy
