InfraCo Africa to co-finance 50-MW solar project in Nigeria

InfraCo Africa will contribute USD 1.65 million (EUR 1.5m) to the financing of the 50-MWp Abiba Solar project in Nigeria, which is developed by Access Power and EREN Renewable Energy (EREN RE).

InfraCo Africa, a company that mobilises private sector participation and investment, said last week it has signed a Convertible Loan Agreement (CLA) with Access Quaint Solar Nigeria Ltd for a USD-1.25-million loan. The sum will be used to develop the particular project through to financial close.

Moreover, InfraCo Africa has issued a USD-400,000 counter-guarantee for a 40% share of the PPA development security.

The Abiba Solar project envisages building a ground-mounted photovoltaic (PV) plant on a 150-hectare (370.7-acre) site at Manchok in Nigeria’s Kaduna State. The parties expect the project to achieve financial close in late 2017 and to enter the construction phase next year.

(USD 1.0 = EUR 0.921)

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