Soventix Partners Gentec EPC on Solar Hybrid Projects
Worried by the perennial energy crises in Nigeria, a German solar developer, SOVENTIX is partnering key Nigerian energy industry player and Cummins gas generators distributor, Gentec EPC to deliver solar energy solutions to Nigerians. The marriage which led to the birth of SOVENTIX Hybrid Limited is set to develop solar projects across Nigeria to the benefits of homes and businesses.
A soaring population of about 180 million and a meagre 4000 MW grid power availability place high demand for cost effective, reliable energy and competitive alternative energy supply solutions. Hence Nigerian market is viewed as one of the key solar growth markets across Africa.
“We are very excited about this partnership with SOVENTIX. 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,” stated Deepak Khilnani, founder of Gentec EPC, at the signing ceremony in Germany. 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.”
SOVENTIX Hybrid will initially focus on industrial rooftop solar applications that synchronise with the existing generators or grid power systems. This model will 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.
Given the significant shortfall of reliable power across Nigeria, at a residential, industrial and national grid level, Minister of Power, Works and Housing, Mr. Babatunde Fashola, has canvassed for investments in solar energy to meet the nation’s plans of increased renewable power generation.