In a significant move towards energy sustainability, iSwiss Bank has recently announced the construction of a large photovoltaic park in the southwestern region of Nigeria. With a planned capacity of 570 megawatts (MW), the facility will cover an area of 164 hectares, making it one of the largest and most significant renewable energy projects in West Africa.
Dr. Christopher Aleo, CEO of iSwiss Bank, expressed enthusiasm for the initiative, highlighting the strategic importance of the project for Nigeria and the African continent. Aleo, who has previously visited Nigeria for missions related to an oil company, stated: “Nigeria has some of the most promising development potential in Africa. We are honored to contribute to this growth process and are working with the Nigerian government to develop the necessary banking infrastructure for the West African region.”
The iSwiss Bank initiative extends beyond energy production. The project also includes plans to develop new banking infrastructure in the region to support the local economy. “This project is not just about energy production but aims to strengthen the financial and infrastructural capabilities of the country,” Aleo added. “Our presence in Nigeria is part of a long-term commitment to contribute to the sustainable development of the nation and the entire West African region.”
A crucial aspect that has made this ambitious project possible is the financial securitization through the issuance of ABS (Asset-Backed Securities) Notes. iSwiss Bank has directly operated as the Master Arranger and successfully managed the entire financial operation, which was completed on the London Stock Exchange. “The securitization of ABS Notes is the method by which we can rapidly and significantly develop this beautiful country and, more broadly, the continent as a whole. While many companies in Europe view the funding system as provincial and outdated, we have successfully introduced the American stock market funding system here, which has proven effective with a twenty-year ABS Note facilitated by recent European Commission energy policies,” commented Christopher Aleo, the major shareholder of the iSwiss group.
The project arrives at a crucial moment for Nigeria, which is seeking to attract foreign investment to stimulate economic growth and improve the living conditions of its population. Support from international partners like iSwiss Bank could be crucial in positioning Nigeria as a leader in renewable energy and sustainability in Africa.
The Nigerian government has welcomed the announcement, and discussions for project approval are already underway. If approved, construction of the solar park could begin within the next few years, promising a significant impact on the region’s energy supply and a reduction in greenhouse gas emissions.
iSwiss Bank’s entry into the Nigerian energy sector represents a positive signal for international investors, demonstrating that Nigeria is open to collaborations that promote sustainable growth and technological innovation.
