05 August 2016, Sweetcrude, Abuja – A Nigerian-based renewable energy company Arthur Energy Technology Limited has announced plans to invest $1,574 million in the country’s first solar-powered vehicle assembly plant.
CEO of Arthur Energy Technology Limited, Mr. Arthur Anthony Okeyika, stated at a recently concluded Climate Change and Energy Summit, that his company will inject the stated amount towards the first solar powered vehicle assembly plant, set to be built in Akwa Ibom state.
He said, “We cannot ignore the ‘green’ market potential of Nigeria particularly now that we’re faced with our current economic realities. Fossil fuel as the sole energy source for Nigerian cars, homes and industries is not a sustainable option if the conversation on nation building is to be taken seriously.”
Okeyika added that “We need an integrated solution to power our lives for the future and at Arthur Energy Technology limited we believe the solution is solar power.”
He also announced his company’s long-term investment plan in clean transport, stating the revived push for ‘Clean Development Mechanism’ (CDM) by state governments, international agencies and private sector to deepen the CDM market in sub-Saharan Africa is a welcomed development.
“As a continent, Africa only enjoys 1.4% of the 3,700 CDM projects worldwide and the only way to attract foreign direct investment in renewable energy is to create an enabling environment, which will encourage international investors.
“Our company has set out to build Nigeria’s first solar powered vehicle assembly plant in Akwa Ibom and we are committing half a billion Naira in a capital fund for this project,” he said.
The company’s announcement followed last week’s power purchase agreements (PPAs) signed between the Federal government and a team comprising 14 renewable energy developers to boost the country’s energy mix.
The team is collectively expected to generate 1,125MW of electricity that will be injected to the national grid.