By Faridat Salifu
Cross River State is demonstrating a strong commitment to fostering an environment that supports innovation and investment in green initiatives, as evidenced by its recent success in attracting a consortium of international investors to establish a $500 million 1GW Solar PV Manufacturing Plant.
This significant development comes as a result of the state’s active participation in the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC).
Governor Senator Bassey Edet Otu of Cross River State shared the exciting news, while briefing the media in Calabar,emphasizing the state’s dedication to nurturing a thriving green economy.
The memorandum of understanding (MoU) for the establishment of the manufacturing plant was signed between the Infrastructure Corporation of Nigeria (INFRACORP), Solarge International BV, and The African Green Infrastructure Investment Bank (AFGIIB), with the project set to be financed through a $500 million foreign direct investment syndicated by the African Green Infrastructure Investment Bank.
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The proposed 1GW P.V. manufacturing plant will be situated in the dedicated Green Manufacturing Hub within Cross River State’s Free Trade Zone, reflecting the government’s commitment to positioning the state as a home for green manufacturing projects.
Governor Otu expressed optimism that the project will significantly contribute to extending the reach of renewable energy in the state and align with Nigeria’s renewable energy goals, ultimately reducing reliance on fossil fuels and creating numerous job opportunities.
The governor further pledged the state government’s commitment to ensuring the successful implementation of the project, highlighting the potential for positive and far-reaching impacts on the state’s energy landscape and access to clean, affordable electricity.
Additionally, he emphasized the government’s intention to work closely with partners to ensure that the project’s benefits are felt across communities and contribute to overall economic growth.
Cross River State’s success in attracting substantial climate finance for renewable energy infrastructure underscores not only the state’s commitment to sustainability and innovation but also the promising potential for green initiatives to drive economic growth and create positive environmental impacts.
