NEXIM grants Nigeria $ 695 mm for renewable energy projects

Dec 19, 2011 12:00 AM

The Nigerian Export-Import Bank (NEXIM) says it has provided $ 695 mm loans to five investors willing to go into renewable energy projects in the country.
A Director in NEXIM, Dr Emmanuel Moore said in Lagos at an interactive session on access to renewable energy organised by the Bank of Industry and United Nations Development Programme (UNDP).

The beneficiaries are; Intol JPI; Confluence Sugar; Biofuel Energy; Highland and Global Biofuel Limited.
The bank's chief said one of the projects, which involves farming solution for the cultivation of sorghum feedstock, has been approved by the Nigerian National Petroleum Corporation (NNPC).

He said: "The proposed project involves a farming solution for the cultivation of Sorghum feedstock, a 90,000 litres/day fuel grade ethanol refinery, a 100,000 litres/day biodiesel refinery and a 7.5 MW power plant utilizing farm waste.”
"The project is already approved by the Nigerian National Petroleum Corporation (NNPC) under the new National Biofuel Policy and has been endorsed by the country's Clean Development Mechanism (CDM), Designated National Authority (DNA), a unit of the Federal Ministry of Environment for execution as a CDM project that would earn Certified Emission Reduction (CER)."

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