Coscharis subsidiary plans $4bn solar power project

Coscharis Technologies Limited, a subsidiary of the Coscharis Group, has finalised plans to executive a $4bn renewable energy project to revolutionise Nigeria’s power sector.

According to the firm, the initiative, the largest green energy project in West Africa, will harness renewable energy sources, primarily solar, to reduce the country’s dependence on fossil fuels and contribute to global climate goals, the company said.

According to a statement on Sunday, the deal, which was finalised in Delhi, India, aligns with Nigeria’s commitment to sustainable development.

Coscharis Technologies’ Managing Director, Dr Sunday Mukoro, stated, “This project will provide clean, solar-powered energy solutions that support environmental sustainability and promote Nigeria’s energy independence.”

He said the project was expected to play a pivotal role in advancing Nigeria’s energy infrastructure while addressing climate change challenges.

“These funds will be made available to Nigerian entrepreneurs and other business entities who are dedicated to operating their businesses with reliable power supply.

“Having a clear understanding of the critical role that power plays in driving business survival and growth, whether it is in large enterprises or small and medium-sized businesses in Nigeria. This becomes a soft landing for these businesses to turn the power challenges into opportunities to grow their businesses seamlessly,” Mukoro explained.

Recognising the significance of power in bolstering the economy, he noted that Coscharis Technologies was determined to allocate the $4bn strategically.

He said the initial focus would be on government entities, and the private sector, including banks, manufacturing companies, and SMEs.

He mentioned that the funds would also be accessible to individuals and residential communities.

“The project will be implemented with carefully crafted agreements outlining the payback period, marking a critical aspect of the initiative,” Mukoro declared.

The Chief Executive Officer of Coscharis Group, Dr Cosmas Maduka, commended Mukoro and his team, saying that the achievement for the company as a group was to further confirm its commitment to delivering value for money to all stakeholders in the sectors.

“The Coscharis Technology team has just proven with this initiative that it is the game changer in the ICT sector in Nigeria and the Sub-Saharan market to further delight our ever-dynamic customers in a dynamic IT business environment,” he said.

The company stated that it would collaborate closely with international partners and local communities to ensure the environmentally and socially responsible implementation of the project.

It added that the disbursement would be executed without undue involvement from the government or any other external parties.