Solar investments in Nigeria, update
Post date: 10/12/2018 - 14:34
»The current framework conditions in Nigeria paired with low cost photovoltaic equipment makes investments in the Nigerian PV sector more attractive than before,« says the German Solar Industry Association (Bundesverband Solarwirtschaft, BSW). This is the main result of the updated business cases which are part of the recent study »Enabling PV Nigeria«, published in August. It shows which business models for solar power generation are already sustainable: Utility scale systems (25 to 50 MW), larger grid-connected systems (1 to 5 MW), hybrid PV/Diesel systems (100 kW to 1.5 MW) and off-grid systems for residential buildings and local mini-grids (10 to 250 kW).
»According to the analysis, it is particularly attractive to invest in diesel-offsetting. In the best case and within the region with the country’s highest solar irradiation the payback period is a little over two years.« The calculations found that when captive power is combined with battery storage, the payback period has dropped from 17 to under 7 years when compared to the beginning of the project. Large solar parks have a payback time of about six and a half years while grid connected systems a little under eight.
The study »Enabling PV Nigeria«, conducted as part of the German-Nigerian Energy Partnership and funded by the German Foreign Office, has been prepared together with Eclareon GmbH, GOPA-International Energy Consultants GmbH (GOPA Intec) and the Delegation of German Industry in Nigeria (AHK Nigeria). The update is available free of charge as PDF (78 pages) at »www.solarwirtschaft.de« (search for »Nigeria«).