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Renewables can give 10,000mw with 50% CBN funding – SEPAN

By on May 3, 2017

The Sustainable Energy Practitioners Association of Nigeria (SEPAN) has said with 50 per cent of the Central Bank of Nigeria (CBN) power fund, 10,000 megawatts (mw) will be added to the electricity grid before 2020.

The president, Dr. Magnus Onuoha, who disclosed this in Abuja, said, “If CBN alone as part of its policy intervention fund could channel 50 per cent of the N300 billion intervention fund to renewable energy sources (RE), it will be generating over 10,000mw in the next two years.

“Compare that to the billions of dollars spent in the power sector over the years, and we still have less than 4,000mw to show for it,” he said.

He noted that among the 310 registered members, 14 investors are already building solar power plants to add 1,120mw shortly.

Dr. Onuoha while announcing SEPAN’s second green economy lecture and award in Kaduna by July said the location was picked as three of the 14 developers are already building over 300mw capacity solar plants in the state.

SEPAN noted that the opportunity for solar-based energy is vast as a megawatt of renewable energy has the potential of creating over 3,000 jobs along the value chain.

“The projects have reached advanced stages with generation capacity of over 300mw for the state, and more employment opportunities. From our research, for every one megawatt deployed there, there will be over 3,000 jobs for grab in the value chain,” Dr. Onuoha said.

The association’s secretary, Mr. Yusuf Suleiman said local solar investors have demonstrated much capacity to raise the national grid capacity with more funding. He cited an instance of the first off-grid renewable energy-powered estate in Guzape District of Abuja operated by SEPAN members.

 

[Daily Trust]