Power Sector To Get $1 billion From The United States

By Ikenga Chronicles February 17, 2017
Power Africa, the USAID-funded energy initiative created under the administration of former USA President, Barack Obama, said it would invest  about $1 billion in Nigeria to develop her power sector.
The program coordinator for the USAID (United States Agency for International Development), Andrew Herscowitz, said this at the‎ Distribution Company workshop in Abuja.
He noted that the initiative remained committed to strengthening Nigeria’s energy feats, as demonstrated by its previous investments but did not disclose how the $1billion in the pipeline would be distributed across the different energy resources
“Since Power Africa was launched, USAID has committed about $6.5 million in funding for 10 activities supporting Nigeria’s power sector, which could leverage up to $2.7 billion in investment.”
“Also, about $50 million in financing from the Overseas Private Investment Corporation (OPIC) to Lumosto scale up its off-grid solar power service to about 200,000 Nigerian homes and businesses, and $1 billion in project pipeline.” He stated.
He explained that the mission of Power Africa is to increase electricity access in sub-Saharan Africa by adding more than 30GigaWatts of clean and efficient energy through wind, solar, hydro-power, natural gas and biomass projects.
USAID recently, committed $4 million into off-grid solar in Sub-Saharan Africa.
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