LandWey Investment Limited, a Nigerian real estate development firm, has announced a landmark $100 million deal with Virtuitis Solaris, a subsidiary of MOJEC International Holdings, to develop the Isimi Lagos Solar Farm, a renewable energy project aimed at promoting sustainable development and lowering Nigeria’s carbon footprint.
The Isimi Lagos Solar Farm, according to LandWey, will be a 50 MW solar photovoltaic power plant with the potential to scale to 100 MW, located in the heart of Lagos, Nigeria’s commercial capital.
“The project will use renewable energy sources, including the power of the sun, to abundantly generate clean energy for businesses and households in Lagos, reducing dependence on fossil fuels and promoting sustainable development.
The solar farm, it said, will also reduce the cost of electricity for businesses and households, making it an attractive investment for both private and public sector players.
“The project is in line with Nigeria’s commitment to the Paris Agreement, which aims to limit global warming to 1.5 degrees Celsius and reduce greenhouse gas emissions,” it added.
Commenting on the deal, Olawale Ayilara, founder and CEO of LandWey Investment Limited, said: “We are excited to partner with Virtuitis Solaris – Mojec International to develop the Isimi Lagos Solar Farm.
This project aligns with our commitment to sustainability and reducing the carbon footprint in Nigeria. It also reinforces our vision of creating sustainable and inclusive communities that provide quality living and working spaces for Nigerians.”
According to Mojec Int’l Holdings, the deal is to develop Isimi Lagos Solar Farm- The first of its kind, Green Energy City.
‘This project is a testament to our commitment to promoting renewable energy and sustainable development in Nigeria. We believe that this project will not only contribute to reducing the carbon footprint in Nigeria but also help to create jobs and stimulate economic growth.”
‘The solar farm is expected to be completed by 2025, and it is projected to power over 70,000 homes and businesses in Lagos.’
