Tingo Foods to add 110-MW captive solar plant at its Nigeria facility

Lagos-based agri-food business Tingo Foods Plc will host a 110-MW captive solar power plant at its planned state-of-the-art food processing facility in the Delta State of Nigeria, its parent company said on Wednesday.

New Jersey-based group MICT Inc (NASDAQ:MICT) said that its wholly-owned subsidiary had entered into a partnership with UK firm Evtec Energy Plc, which will fund the project with a USD-150-million (EUR 141.3m) investment.

Evtec Energy has financial partners in Credit Suisse, JPMorgan and Roth, and a technology partner in TAE Power Solutions Limited. TAE Power’s technology will be used in the project.

Tingo Foods will source electricity from the solar plant under a power purchase agreement (PPA), MICT said.

Tingo Foods will aim to open the new food processing facility in the first half of 2024. The USD-1.6-billion facility will be the first of its kind in Nigeria and possibly the largest in Africa, according to MICT.

Tingo Foods, Evtec Energy and TAE Power will explore similar projects throughout Nigeria and Sub-Saharan Africa, the statement adds.

(USD 1.0 = EUR 0.942)

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