Triton Solar set to invest $300m in Nigeria

Triton Solar, a United States-based manufacturer of solar panel, lighting and batteries, is set to invest $300million in Nigeria.

The Managing Partner, Global Head of Business of the company, Mr. Bhagi Sandilya, disclosed this during his visit to a former Minister of Industry, who is also the Executive President of the African Business Roundtable and Chairman of NEPAD Business Group, Alhaji Bamanga Tukur. He went on the visit with the Chairman/Chief Executive Officer of Silicon Valley Nigeria Economic Development Inc, Mrs. Temitope Ajayi.

Sandilya explained that his company would invest at least $100m within five years in each of its three plants to be located in Lagos, Oyo State and the Federal Capital Territory, Abuja.

In his words, “The total investment worth of this plant is $100m or more over five years, starting with $25m in the first year. We need 20 per cent funding commitment from state or local financier partner.”

He explained that the company with its global headquarters in New Jersey, USA also operates in Canada, United Arab Emirate, Morocco and India, adding that Nigeria would be its first country of operation in Africa.

According to him, the solar energy of the company would reduce the price of power, provide clean energy solution and could electrify Nigeria, from street lights to hospitals, markets and other commercial and residential customers.

Responding, Tukur said energy challenge was a major problem negatively affecting industrialisation, productivity and general wellbeing of Nigerians.

He stressed that solar energy was needed in Nigeria, adding that it would accelerate industrialisation and economic growth as well as reduce manufacturing cost.

Said Tukur, “We really need safe and sustainable energy that will give us no problem; Solar is a new technology; it is gaining ground. The fossil fuel is no longer fashionable. The sun is here; so solar is the in-thing”.

On her part, Ajayi opined the Triton Solar investments would create over 10,000 jobs especially for the youths and address one of the United Nations Sustainable Development Goals – employment/job generation; adding that there would be an influx of high profile investors into Nigeria when energy challenge is solved.