Korean firm to build $30b solar power plant

A Korean firm has shown interest in investing $30billion to build a 10,000 megawatts solar power plant in the country, the Nigerian Investment Promotion Commission (NIPC) has disclosed.

The Chief Executive Officer of HMC, the Korean firm, Mr. Kin Moon, broke the news during his meeting with the management of NIPC in Abuja. He said the construction of the plant should begin in January 2014, with a target of 1000 megawatts every year for 10 years.

He said: “The company has plans to build 300megawatts of photophobic panel plants and other solar thermal technology and 10,000 jobs are expected to be generated when the project takes off, while $1.8billion will be generated annually from the project.

“The company will need at least 83, 999.99 hectares of land to actualize the project in the country. The firms visit to NIPC is to seek assistance and support in the area of facilitation, gather relevant information, legislative and regulatory framework to enable the firm commence operation,” describing Nigeria as a fertile land for investment.”