Financial Energy Review
Oando Clean Energy Limited is to set up a 1GW solar Module and Electric Vehicle Plants. The esterblishment of 1 Gigawatt solar panel manufacturing plant will be in the year 2023 in a bid to assist Nigeria’s energy transition plan.
Ademola Ogunbanjo, Executive Vice President, Oando Clean Energy Limited disclosed this at a renewable energy stakeholders conference themed: Renewable Energy, the future is here, held in Lagos.
“We believe that solar energy will grow not only in Nigeria but across Africa. The money invested by the government and the private sector in delivering solar plants should not go outside the country to buy things like solar modules.
“Therefore, Oando will manufacture or at least assemble solar modules in Nigeria by the fourth quarter of 2023,” he said.
Ogunbanjo also said that the company had recently established a 5000 last mile capacity assembly plant for electric vehicles in Nigeria.
The energy transition is not only a threat to Africa, but an opportunity for the continent to ramp up its development agenda through renewable energy resources, he said.
Nigeria launched its Energy Transition Plan in August aimed at showcasing the country’s pathway to achieving net-zero emissions by 2060 and its leadership role in enabling a just and equitable climate future for Africa, with the ultimate objective of mobilizing the finance required to jumpstart implementation of the Plan.
Nigeria’s energy transition plan committed to moving away from fossil energy requires $10b per annum above business-as-usual spending to meet its objectives and part of the means of funding it includes conventional capital flows both from public and private sources local and international.
Ogunbanjo however noted that implementing the plan will be challenging but the government has put in place agencies to support the plan and deliver on the mandate of net-zero by 2060.
He stressed that Nigeria should locally manufacture or at least assemble solar components that will help curb Nigeria’s energy deficit.
