Sterling and Wilson Solar Solutions (SWSS), the US subsidiary of Sterling and Wilson Solar Limited (SWSL), has signed a Memorandum of Understanding (MoU) with Nigerian government, along with its consortium partner Sun Africa, for setting up of solar PV power plants aggregating 961 MWp.
These plants will be set up at five different locations in Nigeria along with battery energy storage systems (BESS) with a total installed capacity of 455 MWh, the company said in a regulatory filing.
Post announcement, Sterling and Wilson Renewable Energy's scrip was trading at Rs 337.30, up 2.58% on the BSE Thursday.
These projects will ultimately be owned and operated by Niger Delta Power Holding Company, a Nigerian Government owned entity. Financing for these projects are under negotiations between US EXIM, ING and the Government of Nigeria, the company said.
“Solar combined with energy storage is going to be the future of power generation in Africa," said Amit Jain - Global CEO, Sterling and Wilson Renewable Energy (SWRE) Group, adding that SWRE has contributed the maximum solar capacity in Africa with a portfolio of over 1 GWp.