Nigeria has secured a $1.5 billion loan from the Export-Import Bank of the US for the development of solar power infrastructure in the country.
Chief Executive Officer of a US-based renewable energy company, Adam Cortese disclosed this at a media briefing after meeting with President Muhammadu Buhari in Abuja on Thursday.
It was stated that the 20-year facility will be at a concessional rate and the assets will be held by state-owned Niger Delta Power Holding.
Cortese added that Nigeria plans to integrate solar into its energy mix as poor maintenance and insufficient investment in the transmission network have resulted in only about a third of the country’s installed capacity being dispatched by the grid daily.
President Buhari had also declared that Nigeria’s drive to integrate solar power into the country’s energy supply would increase access to electricity in both underserved and unserved communities.