The Federal Government on Thursday signed a Memorandum of Understanding with Firstgate Business Intermediaries Limited and its South Korean technical partners to construct 1,000 megawatts solar plant in Nigeria.
The Minister of Power, Prof. Chinedu Nebo, who signed on behalf of the Federal Government, urged the companies to deliver the projects within the time frame as contained in the agreement.
Nebo also urged Firstgate Business Intermediaries Limited, a local company, to ensure that it tapped into the huge power technology that abounds in South Korea to deliver quality power plant in Nigeria.
According to him, there are solar energy farms in South Korea that could power cluster industries with advanced battery storage systems.
He said building such plants in Nigeria required huge financing.
Nebo said: “It requires an average of $2 billion to have an operational 1,000 megawatts thermal power plant, which the company said it will also build in line with the signed pact.”
Nebo said the ministry would work towards assisting the investors on facilitating the project, especially to acquire the Power Purchase Agreement and other documents.
Earlier, the Chairman of the company, Kelvin Asogwa, said the company has buoyant financiers and was also collaborating with local banks for the projects.
Asogwa noted that the company also has technical partners from Turkey who are reputable and has excelled in power projects.
Asogwa said the company has an agreement with the Kogi State Government to build a solar farm on 2,700 hectares of land.
According to him, the company will commence work on the project within three months, once it gets the prerequisite things from government.
He disclosed that it has agreements with foreign partners to train about 74,000 youths in their operating plants overseas.
Asogwa said the youths would constitute the workforce for the local companies being constructed.
He said: “We have planned to work with 74,000 youths to be trained.
“The MoU we have with these companies say the foreign partners will take our youths while they are on training.
“They will be building these companies here and the youths will be absorbed by the factories after graduation.”