Nigerian Bank Goes Solar

• Nigerian Bank of Agriculture signs up Daystar Power to electrify its 158 locations with solar power
• The cooperation agreement between the two necessitates Daystar Power to also develop and operate solar power projects for rural areas in the country
• Use of solar power for agricultural activities will help local populace increase agricultural productivity and lead to higher crop yield, according to the two partners

African solar power company Daystar Power has signed a cooperation deal with the Bank of Agriculture in Nigeria to install PV systems for 158 locations of the bank and its branches. It will also develop and operate solar power projects for rural areas in the country, as per the deal.

This arrangement is aimed at disseminating clean energy in rural Nigeria, as the bank lends to support relevant activities in the agricultural production chain. The use of solar power will benefit the local populace increase agricultural productivity and lead to higher crop yield, through better cooling, and eventually better financial prospects for the people there, according to Christian Wessels, managing Director of Sunray Ventures, the parent company of Daystar Power.

"The Nigerian government has set itself a target of 30% of renewable energies in the national energy mix by installing new solar plants with a capacity of 30 GW by 2030. Our cooperation with Daystar Power will help us achieve this goal," said Managing Director and CEO of Bank of Agriculture, Kabir Mohammed Adamu.

According to the country's Intended Nationally Determined Contribution (INDC) submitted to the United Nations Framework Convention on Climate Change (UNFCCC), Nigeria wants to have 13 GW of off-grid PV capacity by 2030. It is headed the auction way for large scale solar power deployment.

In May 2018, African Development Bank (AfDB) approved a $1.5 million grant for Phase I of Nigeria's Jigawa 1 GW IPP solar procurement program (see AfDB Approves $1.5mn For Nigeria PV Program).