The World Bank, Clean Technology Fund, and Dutch Cooperation will fund $338.7 million (N254 billion at the official currency rate of N750.6/$) in solar power projects in Nigeria and other West African nations.
The Punch reported that the parties to the agreement are supplying the money to help the ECOWAS member states’ implementation of the regional off-grid electricity access project.
According to an ECOWAS statement made on Monday, the organization had hired a group of companies to work with financial institutions and businesses in the off-grid solar PV sector in the 19 project countries to provide technical and financial support for the ROGEAP project.
“As part of the implementation of the Regional Off-Grid Electricity Access Project, the TSC Global/Intech-GOPA/AFC/BB and Co group officially signed a contract on August 1, 2023 in Abuja as project fund manager of the ROGEAP project,” it stated.
The service contract signing ceremony was held in the presence of the Commissioner in charge of Infrastructure, Energy, and Digitalization of ECOWAS, Sédiko Douka, who is also the chairman of the Steering Committee of the ROGEAP project, and Chief Executive Officer/President of TSC Global, representing the group, Mr. Amara Sackor.
“The TSC Global/Intech-GOPA/AFC/BB consortium was retained by the ECOWAS commission as ROGEAP fund manager to provide technical and financial support after a procurement process in accordance with the donor’s procedures.”
In addition to the private sector, commercial banks and microfinance organizations in the project’s target countries will also get funding, according to the statement, in order to help the Project Management Unit, which has offices in Abuja and Lomé.
“The World Bank, the Clean Technology Fund, and the Dutch Cooperation are financing the project, which is worth $338.7 million”, according to ECOWAS.
It stated that the ROGEAP project fund manager’s main duty was to assist ECOWAS in carrying out the project by assuring the establishment of the regional ecosystem for the expansion of the off-grid business.
It promised that the fund management would ensure market information exchange, facilitate trade among interested parties, and boost regional demand through consumer education and promotion campaigns.
“The ROGEAP project fund manager will also get involved in the execution of technical assistance for businesses to increase their capacity, which will be distinguished by specialised assistance throughout the enterprise development life cycle.”
The Regional Off-Grid Electrification Project, which was first started in 2017 under that name, was later restructured and given its present name, Regional Off-Grid Electricity Access Project, by ECOWAS and its technical and financial partners.
It sought to provide access to affordable electrical services for households, businesses, public infrastructure, health care, education, and other needs in the 15 ECOWAS member countries as well as four additional sub-Saharan African nations (Mauritania, Central African Republic, Cameroon, and Chad).
The project will be carried out by the West African Development Bank and the Regional Centre for Renewable Energies and Energy Efficiency of the ECOWAS Commission as they guarantee the creation of a regional market and access to financing for isolated solar systems.
