Bank of China provides $276.9 million buyer’s credit loan for Solar Power Production Project

Project narrative

In 2023, The Government of Nigeria signed a $276,981,586.50 buyer’s credit (loan) agreement with Bank of China for the Solar Power Production Project. The borrowing terms of the loan are unknown. However, it is known that the borrower was expected to use the proceeds of the loan to finance 85% of the cost of a $325,860,690 commercial contract between the Government of Nigeria’s National Agency for Science and Engineering Infrastructure (NASENI) and China Great Wall Industry Corporation (CGWIC). The purpose of the project is to (a) construct a solar cell production plant in Gora within Nasarawa state (with four main production sections on 15.8 hectares of land and a vertically integrated supply chain with an annual production of 1,000 tons of polysilicon, 50MW of ingot, 50MW of wafers and 50MW of solar cells); (b) construct an electric power transformer production plant; and (c) construct a high-voltage testing laboratory. These three project components cost $171,970,000, $123,990,000 and $29,900,690, respectively. CGWIC is the EPC contractor responsible for implementation. A formal groundbreaking ceremony for the project took place on March 23, 2023.