Firm to establish $70m solar panel manufacturing plant in Nigeria

*Solmont Technologies Nigeria Limited plans to establish the $70 million factories at the Oore Industrial Park, in Ondo State, South-West region of the country

Isola Moses | ConsumerConnect

Against the backdrop of limited electricity infrastructure development and epileptic power supply to homes and business in the country, an international group of energy professionals is set to establish a 1,000 MW per annum solar panel manufacturing plant in Nigeria.

ConsumerConnect gathered Solmont Technologies Nigeria Limited will establish the $70 million factories on a 60,000 sqm area at the Oore Industrial Park, in Ondo State, South-West region of the country.

Governor Rotimi Akeredolu of Ondo State performed the official groundbreaking at the ceremony for the activation of the new solar power manufacturing plant Oore Industrial Park.

Though Nigeria has been generating electricity in commercial quantities for over a century, yet the county’s pace of electricity infrastructure development is comparatively and the power supply electricity consumers remains highly inadequate till date, according to report.

A report quoted Enterprise Surveys Data showing that after a lack of access to finance, Nigeria’s unstable electricity is the second biggest obstacle to doing business in Africa’s biggest economy.

Patrick Tolani, a Director at Solmont Technologies Nigeria Limited, at the groundbreaking ceremony, said the ease of doing business in Ondo State attracted them to site the business at the Park.

The Company Director stated: “Ondo state was the first state that offered the land. The governor of the state was very friendly. And while some states might be pushing, he pulled to himself.

“Imagine a scenario where we discussed the matter on Saturday and the chief executive of the park called on Monday morning and says, ‘I learnt about your discussion and I’m calling to follow up.

“That showed seriousness to us. We got the land allocation within that week.”

Tolani also noted that the ease of doing business in Ondo State decided it for the company proprietors, and that is the fact that there is a massive industrial park where the government is asking people to come and invest.

“Investors love to hear such messages. The people we have related within the state have been helpful,” said the Director.

According to him, the Economic Sustainability Plan (ESP) launched by the Federal Government has provided an opportunity to build the business in the country.

ildingsNigeria’s Economic Sustainability Plan includes a commitment from the Federal Government to deliver and maintain five million new solar connections under a ‘solar power strategy’.

According to the plan, this will increase the stock of affordable energy by providing solar power to rural communities that have little or no access to the national grid.

Private sector installers of solar systems will also be supported to access low-cost financing from development finance institutions and the CBN to install solar systems at an affordable price.

“For me, there came this compulsion because the president of the Renewable Energy Association of Nigeria announced a committee that would work with the Federal Government and other relevant agencies to ensure the success of this project. I was the Chair of the Committee.

“The requirements for the 5 million solar homes system upstream category is that 70 per cent equity of the company must belong to Nigerians to benefit from the fund. It was a tough sell but our colleagues agreed to it.

“We plan to produce 1,000 mw of solar panels in a year which is about a quarter of the entire electricity available on the grid,” Tolani said.

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