Resilience is the mother of all virtues… and the key to unlocking successful independent power projects in Nigeria
By Nicolas Mathon, Director, Project Development, Africa and Europe, Wärtsilä Energy
The successful completion of the Azura Edo 450 MW gas-fired power project in 2016 was hailed at the time as setting the blueprint for future independent power projects in Nigeria. The $900 million plant, which gathered 20 international banks and equity financing partners from more than nine countries, took over six years of project development and construction. It was intended to provide a pathway for others to enter into similar agreements and unlock financing for power sector investment. But five years on, no new independent power projects have come to fruition.
Today, grid generating potential is just over 12 GW in Nigeria. More than 40% of the population lack access to electricity, and those with ...