Coscharis Technologies Limited, a subsidiary of the Coscharis Group, has launched a groundbreaking $4 billion renewable energy initiative aimed at revolutionizing Nigeria’s power sector. Dubbed the largest green energy project in West Africa, the initiative primarily focuses on harnessing solar energy to reduce the country’s reliance on fossil fuels and support global climate objectives.
Finalized in Delhi, India, the project aligns with Nigeria’s commitment to sustainable development. Dr. Sunday Mukoro, Managing Director of Coscharis Technologies, emphasized, “This project will provide clean, solar-powered energy solutions that support environmental sustainability and promote Nigeria’s energy independence.” He noted that the initiative is crucial for advancing Nigeria’s energy infrastructure while tackling climate change challenges.
The funding will be made available to Nigerian entrepreneurs and businesses committed to ensuring a reliable power supply. Dr. Mukoro highlighted the essential role power plays in the survival and growth of businesses, stating that the project presents an opportunity for small and medium-sized enterprises (SMEs) to overcome power challenges and thrive.
With an understanding of power’s significance for the economy, Coscharis Technologies plans to allocate the $4 billion strategically. The initial focus will be on government entities and the private sector, including banks, manufacturing firms, and SMEs, with accessibility extended to individuals and residential communities.
Mukoro added that the project would be implemented with well-structured agreements outlining the payback period, an essential component of the initiative.
Dr. Cosmas Maduka, CEO of Coscharis Group, praised Mukoro and his team for this milestone, affirming the group’s commitment to delivering value to all stakeholders. “The Coscharis Technology team has proven with this initiative that it is a game changer in the ICT sector in Nigeria and the Sub-Saharan market,” he stated.
Coscharis Technologies plans to collaborate closely with international partners and local communities to ensure environmentally and socially responsible project implementation, with the disbursement of funds executed independently from government involvement.
