- Evtec Energy will build a 110 MW solar power plant in Nigeria for captive consumption of Tingo Foods
- Power generated will be supplied to Tingo’s new food processing plant being built in Delta state under a PPA
- The PV plant will be financed by Evtec and its financial partners Credit Suisse, JPMorgan and Roth
Nigeria based food processing business Tingo Foods will get its own 110 MW solar power plant to power a new facility the company is currently building in Delta state which it believes to be the ‘largest’ in Africa with Evtec Energy building the $150 million solar project.
Considering its planned annual capacity of 110 MW, the Tingo solar power plant is likely to be one of the largest solar power plants in the country after Nigerian President Muhammadu Buhari commissioned the nation’s largest utility scale solar farm earlier this month with a mere 10 MW capacity (see Largest Utility Scale Solar Farm In Nigeria Online).
Tingo will enter into a power purchase agreement (PPA) with Evtec to source solar power from the plant that will be financed by the latter and its financial partners namely Credit Suisse, JPMorgan and Roth.
For the Nigerian company, a subsidiary of fintech and agri-fintech group MICT, its new fab will expand its food processing capacity from a range of food products as rice, pasta, noodles to tea, coffee, cereals, etc. The food processing facility is due to become operational by the end of H1/2024.
Tingo sees the solar power plant as helping it achieve net zero carbon emissions for the new fab and save on electricity costs.
“Through this first-of-its-kind facility in Nigeria, Tingo Foods aims to reduce Africa’s reliance on the import of finished food and beverage products and to increase exports of made-in-Africa produce, which in turn is expected to reduce the prices of finished products and significantly reduce shipping miles and carbon emissions,” said Tingo.
Evtec, Tingo and their technology partner TAE Power plan to explore similar projects throughout Nigeria and Sub-Saharan Africa.
