SkyPower FAS Energy, a joint venture between SkyPower Global and FAS
Energy, signs agreements with both the Federal Government of Nigeria
and the Delta State Government for the development, construction and
operation of 3,000 MW of solar PV projects at an estimated cost of US$5
ABUJA, Nigeria, May 7, 2014 /CNW/ - SkyPower FAS Energy signed
agreements with both the Federal Republic of Nigeria Government and the
Delta State of Nigeria Government for the development of 3,000
megawatts (MW) of utility-scale solar photovoltaic (PV) projects within
Nigeria and the Delta State of Nigeria to be built over the next five
These foundational agreements represent a monumental renewable energy
milestone, which entails a multi-phase development and build schedule
that will result in production of clean, sustainable, cost-effective
energy to support the growing energy needs of Nigeria. SkyPower FAS
Energy is committed to work closely with both governments for the
planning, financing, and construction of 3,000 MW of utility-scale
solar PV energy projects for the Nigerian power grid, which are
expected to reach commercial operation in phases starting in 2015.
The agreements were signed at the World Economic Forum on Africa during
a historic ceremony for a Foreign Investment Promotion and Protection
Agreement (FIPA) between the Canadian and Nigerian governments.
Representing the nations at the forum were the Honourable Olusegun
Olutoyin Aganga, Minister of Trade and Investment for the Federal
Republic of Nigeria and the Honourable Christian Paradis, Minister of
International Development for Canada.
"This is truly a proud moment for SkyPower FAS Energy. Global
partnerships such as these are key to bringing together extensive
expertise from around the world," said proud Canadian Kerry Adler, President and Chief Executive Officer of SkyPower Global. "The signing of these landmark agreements demonstrates the shared
vision of a partnership that will further stimulate the vibrant,
fast-growing Nigerian economy and substantially impact the state and
country's GDPs, resulting in increased employment and skills training.
We applaud the leadership of the Delta State and Federal Nigerian
governments for embracing this initiative and demonstrating their
continued commitment to reduce carbon emissions and harness the proven
power of solar PV."
"The signing of the Foreign Investment Promotion and Protection
Agreement marks a significant milestone. It sends a clear signal to
Canadian businesses that they can work in Nigeria with confidence, and
to Nigerians that they can do the same in Canada," said the Honourable Christian Paradis, Minister of International Development for
Canada. "Our government is looking to new approaches that deliver real
results. The private sector has a crucial role to play in creating
"The total capital requirement for these projects is an estimated US$5
billion, which will be financed through a combination of bank debt,
development bank financing, and equity partners. Over the life of the
projects, it is estimated that more than 30,000 jobs will be created in
Nigeria," said Stephen Bordes, Chief Financial Officer of SkyPower Global.
"It is with great pride that we announce the signing of these
agreements," commented Sabri Asfour, the General Manager of SkyPower FAS Energy. "This is a historic day, as the signing of these agreements and
commencement of these groundbreaking projects in Nigeria clearly
demonstrate Nigeria's commitment to clean, renewable energy. SkyPower
FAS Energy's combined expertise in infrastructure development and
construction will generate a large number of new jobs, support skills
development, and increase prosperity in the regions of the country
where these solar projects will be built."
"The Nigerian Government is pleased to partner with SkyPower FAS Energy
and we look forward to creating more power and more jobs for the people
of Nigeria," commented Permanent Secretary, Federal Ministry of Power, Ambassador (Doctor)
Godknows Boladei Igali. "Foreign investment in Nigeria helps build the economy and strengthen
international ties with a well-respected and viable partner such as
SkyPower FAS Energy."
"Delta State is pleased to sign this agreement with the world's largest
solar developer, SkyPower FAS Energy," said Doctor Emmanuel Eweta Uduaghan, Governor, Delta State of Nigeria. "It represents a continued effort to provide even more clean and
renewable energy that can be sustained for decades to come. Delta
State: Beyond oil into solar."
SkyPower FAS Energy believes in being strongly rooted in the local
business community and plans to work closely with local Nigerian
businesses and other local partners.
About SkyPower FAS Energy
In August 2013, SkyPower entered into a joint venture agreement with FAS
Energy, a subsidiary of Fawaz Alhokair Group. SkyPower brings 11 years
of experience developing utility-scale renewable projects around the
world. FAS Energy brings an unprecedented amount of knowledge in real
estate and construction from its extensive experience and presence in
the MENA region. The joint venture's sole strategic focus is to develop
and build Utility-Scale Solar PV parks across the MENA region.
About SkyPower (www.skypower.com)
SkyPower is the largest and one of the most successful developers and
owners of solar energy projects in the world. SkyPower's international
team of experienced professionals, power project specialists, and
partners have built, assembled and acquired an extensive pipeline of
over 25,000 megawatts worldwide. This development portfolio of large
utility-scale solar PV projects makes SkyPower the world's largest
solar development company.
With over 300 MW of awarded power purchase contracts, SkyPower has built
strategic global partnerships with local developers, international
leaders, financiers, suppliers, local communities, and indigenous
peoples to produce over 219 million kilowatt hours of clean electricity
Established in 2003, SkyPower has grown to over 135 employees,
consultants, and advisors in 35 global offices, supporting development
activities in more than 60 countries.
SkyPower sources, develops, finances, owns, and operates all of its
solar energy projects, from the initial discovery stages through to
commercial operation. SkyPower's finance team brings a long track
record of raising funds for investment in utility-scale solar power
generation, closing on over US$2.5 billion in renewable energy
transactions since 2003. SkyPower has successfully raised US$250
million in project financings, and has arranged for corporate debt
facilities totaling US$100 million. SkyPower has secured contracts
representing over US$4 billion worth of energy sales to utilities
around the world.
SkyPower is majority owned by CIM, a transformational urban real estate
and infrastructure investment firm founded in 1994 with over US$14.7
billion in assets under management. (www.cimgroup.com)
About FAS Energy (www.fawazalhokair.com)
FAS Energy is committed to providing renewable energy solutions for the
Middle East with a focus on developing alternative energy capacity. In
affiliation with one of the leading construction companies in the
Middle East, FAS Energy advises government associations on how to build
industry-leading solar parks. With branches in the MENA region, namely
Jordan, Egypt, and Morocco, as well as the Gulf Cooperation Council
(GCC) countries and sister companies in Africa, FAS Energy's projects
include approximately 2,400 MW of pipeline in development.
FAS Energy is a subsidiary of Fawaz Alhokair Group, one of the leading
groups of companies in the Kingdom of Saudi Arabia focusing on retail
and real estate business sectors. The Group expanded its business
operations beyond the borders of the Kingdom and invested in retail and
real estate sectors across the Middle East and North Africa (MENA)
region, USA and Commonwealth of Independent States (CIS) region. Fawaz
Alhokair Group had a turnover in excess of SAR6 billion (US$1.6
billion) for 2012-2013. With more than 12,000 employees, Fawaz Alhokair
Group is the single largest owner and operator of shopping malls in the
Kingdom of Saudi Arabia.
SOURCE: SkyPower FAS Energy
For further information:
For more information about SkyPower FAS Energy:
Senior Director, International Affairs and Communications, SkyPower
Vice President of International Affairs and Communication, SkyPower
Chief Financial Officer, SkyPower