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Canada to invest $5bn in producing 3,000mw in Delta

By BusinessNews Staff on May 9, 2014

Delta State has taken the lead in the generation of renewable energy as Canada has invested $5 billionin the state to produce 3,000 megawatts of electricity.

The initiative of the state government to key into the green economy programme of the global community paid off as the federal government recently signed a Foreign Investments Protection Agreement (FIPA) with Canada to remove existing bottlenecks to the smooth take-off of Canadian investments in Nigeria.

Similarly, the Delta State Government signed a memorandum of understanding (MoU) with a Canadian investor, Skypower Energy, to build and generate solar-powered electricity in the state.

Speaking at the ceremony, the Minister of Industry, Trade and Investments, Mr. Olusegun Aganga, said the Canadian investor, Skypower Energy, was investing $5 billion in renewable energy in the country.

According to him, the firm would be producing 3,000 megawatts of solar-based electricity for the national grid with the facility being deployed first in Delta State having taken the initiative for the renewable energy plant.

“Skypower will deploy first in Delta State which has taken the lead because of the enormous work the state has put in to ensure the realisation of the renewable energy programme”, the Nigerian minister stated.

He disclosed that the federal government will facilitate the provision of licence to generate the solar-based electricity for the national grid with about 1,000 megawatts being generated from plants located in Delta State.
The Canadian Minister of International Investments, Mr. Christian Paradis, hinted that with the FIPA between Nigeria and Canada, more investors would be encouraged to invest in Nigeria.

In his remarks, Delta State Governor, Dr. Emmanuel Uduaghan, expressed delight at the FIPA and the keen interest shown by the federal government, noting that it was an endorsement of the initiative taken by Delta.

“This is very historic and emotional for me. For us in Delta State, we have keyed into the green economy programme of the global community. The green economy is not just in enhancing the environment but also meant to empower the people,” he stated.

The governor promised that Deltans would benefit from the 1,000 megawatts that would be generated in the state as some of it will be targeted at local consumption.
Besides, he said that the FIPA was a big benefit from the World Economic Forum Africa (WEFA) currently going on in Abuja.

[This Day]

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