Power Sector And Other Related News Stories For Monday 6th February 2023

Posted by News Room February 6, 2023

FG Reaffirms Renewable Energy Critical to Addressing Electricity Woes 

The Federal Government, currently targeting to generate about 30 per cent of electricity needs from renewable energy, yesterday, said clean energy remained the fastest way to tackle energy poverty in the country

Millions of Nigerians are without electricity despite the country energy resources, even as 427,000 MW is estimated to be generated in the country from solar alone.



Five Lagos Communities to Enjoy Solar Energy Soon 

No fewer than 12,500 residents in five communities at the Epe axis in Lagos State would benefit from the solar mini-energy project embarked upon by the Lagos State Government; A4&T Power Solutions Limited and Ikeja Electric PLC. The groundbreaking ceremony of the interconnected solar mini-grid was done recently.

The jubilation at the event was understandable for the reason that when the 0.88MW (scalable to up to 2MW) interconnected solar mini-grid, will be completed, it will provide energy for the communities in Epe, Eredo Local Government Area of the State.


Nigeria to Generate 9,000MW Electricity From Solar, Wind, Others FG 

The Federal Government has stated that about 9,000 megawatts of electricity would be generated from renewable energy in its ongoing projects.

Investors King reports that the renewable energy sources to be explored include; solar, wind, hydro, tidal, biomass, geothermal, amongst other energy sources.

The Federal Minister of State for Power, Goddy Jedy-Agba made the assertion on Thursday, during the Rural Electrification Agency management and board retreat held in Abuja.

He noted that tapping into renewable energy sources will bring about quick transformation in the nation electricity supply.


Nigeria Remains Dumping Ground For Solar Energy Material  Expert 

THE Environmental Rights Action (ERA), an NGO, has expressed concern as Nigeria has remained a dumping ground for solar energy materials, thereby, causing environmental crises across the country.

The Executive Director of ERA/Africa Coalition for Sustainable Energy Access (ACSEA), Dr Godwin Ojo, said this at a Stakeholders Validation and Training Workshop on Sunday in Abuja.

The workshop which was focused on renewable energy system, was organised by Lift Humanity Foundation (LHF), an NGO, in collaboration with other stakeholders.

Ojo, who also expressed worries over high level of deteriorating state of technology in the country, said that access to the technology was very low and has become a challenge for Nigeria.


TotalEnergies Sells 50% of 234MW Portfolio of Renewable Projects 

TotalEnergies has sold 50% of a 234 MW portfolio of renewable projects to French insurance group Credit Agricole Assurances.

The portfolio includes 23 solar projects with a capacity of 168MW and six wind farms with a capacity of 67MW.

The energy giant said the transaction implies an enterprise value of the portfolio of $300 million (£244m) (100%), equivalent to a multiple of 16 earnings before interest, taxes, depreciation and amortization.

Vincent Stoquart, Senior Vice President, Renewables at TotalEnergies, said: This partial sale demonstrates the strength of our business model, which ensures a return on invested capital in renewable energies of more than 10%.


Northern Illinois Increases Community Solar Farms to 75 

ComEd and Summit Ridge, a developer and owner-operator of community solar farms, announced the completion of the 2.5 MW Speedway Solar project 10 miles south of Joliet, Ill. 75 community solar farms are now operating within ComEd northern Illinois service territory.

The project, which features more than 2,300 solar panels, will provide around 350 ComEd customers with access to the benefits of solar energy and savings on their energy bills.

Summit Ridge Energy principal Mark Raeder commended ComEd for establishing Illinois as a leader in community solar. According to Illinois Energy Department, Illinois had installed 118 MW (AC) of community solar generating capacity as of January 2022.


Swedish Start-up Targets 200 MW of Rooftop Solar Installations 

With an immediate concentration on Skane County in the South, Swedish startup Solar Power Accelerator AB has set a target to deploy 200 MW of rooftop solar arrays around the nation.

The business rents out vacant roof space from owners of commercial and industrial properties in order to install solar photovoltaic (PV) systems. This business model is called Build-Own-Operate. It secures contracts for the sale of solar panels, raises money, and finances the expansion of the micro-production of extra electricity generated by rooftop solar panels.


Wind Power Generated 31.5% of Electricity in Spain 

The demand for electricity in Spain fell by 4.1% in January. Renewables such as concentrated solar power thermal, photovoltaic, hydraulic and wind energy generated 57.4%, up to 13,742 GWh of electricity—the highest monthly production since records exist. Also, technologies free of CO2 equivalent emissions broke their monthly mark by producing 18,827 GWh of electricity this month.

In January, the demand for electricity in Spain stood at 22,052 GWh, 3% less than that registered in the same month of the previous year. If the effects of working hours and temperatures are considered, demand decrease was 4.1%. During this month, renewable production recorded was 40.9% higher than that of the same month in 2022 and has reached a record figure of 13,742 GWh of monthly generation, thus achieving a share of 57.4% of the total mix.


Petronas Nearing $690m Deal for Wirsol Australian Assets  Report 

The Australian renewable energy assets of the German business Wirsol are about to be acquired by Petroliam Nasional Bhd, also known as Petronas, in a deal that might be valued up to AUD 1 billion, according to Reuters.

According to informed sources, the proposed agreement comprises Wirsol Australian solar photovoltaic (PV) parks as well as a sizable project pipeline. One of them estimated that the target assets may fetch between AUD 900 million and AUD 1 billion at auction.

In addition to operating utility-scale solar parks totaling 746 MW over seven locations, Wirsol, a member of the German Wircon Group, also has a development pipeline of about 700 MW. According to a banker cited by Reuters, the German company has been attempting to offload the platform since last year but has so far been unsuccessful because of grid congestion problems affecting several of its projects.


Egypt, EU Seeks to Boost RE and Green Hydrogen Cooperation 

Egypt ambassador to the European Union and Belgium, Badr Abdel Ati, has reviewed ways to cement cooperation with the EU in renewable, traditional, clean energy and green hydrogen. The diplomat met with Kadri Simson, the EU Commissioner for Energy, Belgian Energy Minister Tinne Van der Straeten and a host of key officials of the EU and Belgian energy companies.

They discussed pathways to cement cooperation on developing ports and protecting Egyptian beaches.

Simson lauded fruitful energy cooperation with Cairo, highlighting Egypt successful organization of the recent climate change conference (COP27). Also, Van der Straeten praised the tremendous momentum of bilateral ties between Egypt and Belgium in terms of Egypt great potential and natural resources.


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