Nigeria Secures $1.5bn Loan From US to Boost Solar Power Infrastructure

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. <br />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.<br />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. <br />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.