- Tingo Foods in Nigeria has partnered with Evtec Energy to build a 110MW Solar PV Plant at the cost of US$150 million to power its new $1.6 billion food processing facility.
- The net-zero carbon emission plant in Nigeria’s Delta State is scheduled to be completed by the first half of 2024.
The new processing facility, announced earlier this month, will allow Tingo Foods to expand its current product range of beans, rice, pasta, noodles and other food staples into new offerings including tea, coffee, cereals, chocolate, biscuits, cooking oils, non-dairy milks, carbonated drinks, and mineral water.
Tingo Foods aims to reduce Africa’s reliance on the import of finished food and beverage products and to increase exports of made-in-Africa produce, which in turn is expected to reduce the prices of finished products and significantly reduce shipping miles and carbon emissions.
The on-site, 110-megawatt solar plant will utilize the technology of TAE Power Solutions Ltd. Its cost will be funded by Evtec Energy and that company’s financial partners: Credit Suisse, JPMorgan, and Roth (subject to the agreement of financial terms and conditions).
Under partnership terms, Tingo Foods will enter into a Power Purchase Agreement. Additionally, Tingo Foods, Evtec Energy and technology partner TAE Power will explore similar projects throughout Nigeria and sub-Saharan Africa.
Author: Bryan Groenendaal
