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 of SUN Africa LLC, USA, Adam Cortese, explained that the loan was a government-to-government facility at a concessional rate of over 20 years.
He says the Niger Delta Power Holding Company will own the assets, which he said would not only generate low-cost electricity but also enable the company to pay back the loan.
President Buhari declared that the rapid integration of solar power into the country’s energy mix would lead to an increase in electricity access to underserved and unserved communities.