Nigeria has secured a $1.5 billion loan from the US-EXIM Bank to boost solar power infrastructure in 10 different locations in the country. Chief Executive Officer (CEO) of SUN Africa LLC, USA, Adam Cortese, disclosed this yesterday while speaking with newsmen after a meeting of a delegation of the company with President Muhammadu Buhari at the State House, Abuja.
Cortese explained that the loan was a government-to-government facility on a concessional rate of over 20 years.
According to him, the Niger Delta Power Holding Company (NDPHC) will own the assets, which he said would not only generate low cost electricity but also enable the company to pay back the loan.
Cortese stated, “Once again, this is government-to-government financing. It’s built upon the success that we’ve had in Angola recently, where we’ve delivered roughly $2.6 billion of solar PV storage and transmission capacity.
“I think the important point to note here is, yes, it’s a government-to-government loan, from the US-EXIM Bank to the government of Nigeria, but it’s being done on a concessional rate; over 20-year tenure, which is extremely attractive.