The Federal government has urged stakeholders in the sector to assist government in raising alternative funding strategy through private equity and venture capital.
Minister of Power, Prof. Chinedu Nebo, stated this at a seminar organized in Abuja in partnership with Henshaw Capital Partners.
The seminar was aimed at sensitizing investors, fund managers, bankers, policy makers, market operators and other stakeholders on the need to actively key-into government’s plan for renewable energy sub-sector.
The minister, who was represented by the permanent secretaryin the ministry, Amb.GodknowsIgali, added that to meet the planned 10% target of renewable energy’s contribution by 2025, a lot of alternative fund would be required.
He assured of government was commitment to developing renewablesdue toits environmental friendliness and because its development may signal independence from the national grid.
Heinformed that government was looking at “the development of renewables to provide off-grid and mini-grid electricity in order to bridge the gap of lack of access in rural settings and areas that are far away from the national grid.”
He further disclosed that government had a plan to increase the power generation and energy security.
He said this desire informed the development of large hydrossuch as the 700mw Zungeru project, adding that activities around the financing processes for the development and construction of 3,050mwMambilla Hydro power dam.
He said further revealed that President Goodluck Jonathan would soon perform the ground breaking ceremony that would signal the start of the project.
“There are 264 hydro dams, which have not been fully utilized in the country, the good news is that studies are being conducted on many, already turbines are fixed, so also other hydroelectric components in 12 of them in order to increase their generation capacity,” he said.
He expressed government determination to pursue policies in all areas in the electricity value chain, energy efficiency and conservation.
