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Proserve Energy Targets $30m Solar Power Portfolio In 3yrs



A local energy firm, Proserve Energy Services Limited said it was bringing a revolution to the energy mix dynamics as it was set to grow its solar energy market portfolio across the country to between $20milllion and $30million in the next two to three years. The managing director of the company, Dr. Abba Ibrahim, disclosed this in Abuja during an interactive session with journalists on the award of contract to build 750kw hybrid solar plant at Power House, in Abuja. The firm had earlier in the month won the bid to construct the solar energy power plant for the Federal Ministry of Power, Works and Housing (FMPWH) in order to guarantee power supply to the building.

Ibrahim, who described the project as innovative, revealed that his firm won the bid under a concession power purchase agreement (PPA) working with other technical partners that include Solventic of Germany, Huawei and a South African firm to deliver the project which has an initial 10-year concession period subject to renewal. He explained that the pilot project was under $2.5million, stressing that it was going to generate a pipeline of other projects whether bigger or smaller in nature. He added that his firm was strategically positioned to expand its market share in the next few years.

“It is a pilot but it is going to generate a pipeline of similar projects that are of equal, smaller or bigger sizes and we are envisaging to grow a portfolio of between $20 and $30million in the next two to three years of such projects. We have already a number of locations that we are going to provide this guaranteed power supply, 365 days 24/7 unfailingly,” he said.
Giving further he revealed that the project was backed with a commercial bank guarantee, which would enable the concessioners to raise the debt as well as provide the equity investors, the confidence to execute the project without fears.