SOVENTIX, a leading global solar developer based in Germany, and Gentec EPC, a pioneer in the Nigerian energy industry and distributor of Cummins gas generators in Nigeria, have formed a joint venture called SOVENTIX Hybrid Limited to develop solar projects across Nigeria.
With this agreement and respective capabilities, both companies have secured a strong market position in the Nigerian solar market.
With just approximately 4000 MW of grid power availability and a growing population with over 180 million people in Nigeria, the country faces great demand for cost effective and reliable energy supply solutions and with the increasing competitiveness of solar energy over fossil fuels, analysts view Nigeria as one of the key solar growth markets across Africa.
The Founder of Gentec EPC at the signing ceremony in Germany, Deepak Khilnani, said Gentec, “is continually seeking to bring innovative and diversified energy offerings to the Nigerian market and we believe solar energy meets the customer requirements: Reliable, affordable and emission free power,”
He added that, “The credibility, expertise and proven track record of the Soventix management team gave us a lot of confidence that SOVENTIX is the correct solar partner. We are very excited about this partnership with SOVENTIX.”
He explained that SOVENTIX Hybrid would initially focus on industrial rooftop solar applications that synchronise with the existing generators or grid power systems.
This model, according to him, would enable industries to have an additional source of power generation at a lower price than diesel power, whilst also significantly reducing emissions.
“Phase II of the joint venture will also aim to develop national solar parks that feed clean energy into the Nigerian grid. The beauty of solar energy is that the tariffs are fixed over a 20-year period given that there is no fuel input and very low maintenance costs, enabling industries to effectively plan their long term energy costs. Moreover, solar energy is already more competitive against fossil fuels with regard to pricing per kWh,” he said.
SOVENTIX is a leading German solar company that builds and operates PV solar systems around the globe with operational solar plants and branches in twelve countries and four continents. Given the significant shortfall of reliable power across Nigeria, at residential, industrial and national grid level, solar energy is well positioned to play a major role in Nigeria’s energy mix.
The minister of Power, Works and Housing, Mr Babatunde Fashola, has actively encouraged solar investments in Nigeria to meet the nation’s plans of increased renewable power generation.
In his remarks, the Chief Executive Officer, SOVENTIX,Thorsten Preugschas, said a reliable energy supply from renewable energy sources was becoming more and more important for African countries, particularly Nigeria.
“Since Africa in particular suffers deeply from the effects of climate change, ecological energy solutions gain importance. Combining cost savings with the ecological advantage, we see great potential for solar energy in Nigeria. We believe this will be a successful partnership combining Gentec’s established market presence and strong local service team in Nigeria with SOVENTIX’s comprehensive solar capabilities,” he said.
