Sterling -; Wilson-led arm inks pact to commission 961 MWdc photovoltaic power plants in Nigeria

23 Sep 2022 , 09:21 AM

Sterling & Wilson Renewable Energy Limited informed that its wholly-owned step-down subsidiary Sterling and Wilson Solar Solutions Inc., US, along with its consortium partner Sun Africa LLC, have entered into a Memorandum of Understanding (MoU) with the Government of the Federal Republic of Nigeria.

Under the agreement, the company will deliver the development, design, construction, and commissioning of solar photovoltaic power plants with a total installed capacity of 961 MWdc at five different locations in the Federal Republic of Nigeria along with battery energy storage systems. This will have a total installed capacity of 455 MWh.

Niger Delta Power Holding Company, a Nigerian government-owned organisation, would eventually own and manage these projects. US EXIM, ING, and the Nigerian government are negotiating to finance these projects.

The company emphasizes that the above-mentioned MoU is a first step toward the signing of formal Development and EPC Agreements, which are subject to, among other things, financial arrangements and approval by the NDPHC Board of Directors, said the company in its filing.

At around 9.26 AM, Sterling & Wilson RE was trading at Rs331.20 up by 0.61% from its previous closing of Rs329.20 on the BSE. The scrip opened at Rs332.50.

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