SAN FRANCISCO, December 08, (THEWILL) – IFC, a member of the World Bank Group, Tuesday signed a Joint Development Agreement with Alten’s Middle Band Solar One Limited, a Nigerian solar power project company, to co-develop a 120 megawatt peak photovoltaic solar power project with a consortium of developers.
The project is expected to provide renewable energy supply to about 175,000 people and nearby industrial clusters, support job creation and boost economic growth in the country. The project is based in Lokoja, Kogi State, and will benefit from the support of the host state government.
Under the agreement, IFC InfraVentures, IFC’s Global Infrastructure Project Development Fund will provide development funding and commercial and technical support to a developer consortium to co-develop the solar power project via the Middle Band Solar One project company.
The consortium consists of Alten Renewable Energy Developments Africa, B.V., Green Continent Partners Holding B.V. and Nemoante Limited. The project is expected to reach financial close by the fourth quarter of 2016.