The Federal Government through the Finance Ministry is expected within the next 60 days to send a final commitment application to the American Export-Import Bank to fund a solar project in Nigeria, for Nigeria’s Niger Delta Power Holding Co.
This was disclosed by Bloomberg on Monday evening after an email from Adam Cortese, chief executive officer of United States-based Sun Africa.
The company will develop solar power facilities for Nigeria’s Niger Delta Power Holding Co, coming days after an earlier report claimed that the FG is securing $1.5 billion from the US Exim bank for the project.
What they are saying
Nigeria’s Ministry of Finance will seek credit from the US Export-Import Bank to fund a solar power project being developed by Sun Africa LLC, a renewable energy provider.
The solar project would be developed for Niger Delta Power Holding Co and has passed through feasibility studies, technical analysis and land-permitting phases in the past two years, which has made it due for loan processing with the export credit agency.
Adam Cortese, chief executive officer at the US-based Sun Africa told Bloomberg that the Nigerian finance ministry is expected within the next 60 days to send “final commitment application” to EXIM for the facility, after which the lender will conduct due diligence on the projects before the loan is finalized”.
The report did not disclose the size of the credit facility from the US EXIM bank.
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