African investment fund Africa 50, where backers include the Africa Development Bank, will now enter Norwegian Scatec Solar's ambitious Nova Scotia solar plant in Nigeria with a capital injection, albeit an undisclosed amount. Norwegian investment bank Norfund will also invest in the facility.
This brings Scatec Solar's largest project ever one crucial step closer to realization. The project, planned for construction in northern Nigeria, will have capacity of 100 MW and an investment budget of USD 150 million. Scatec Solar has so far constructed a total of 426 MW worth of solar power plants, so the Nigerian project is a significant next step.