By Adaobi Rhema Oguejiofor
LandWey Investment Limited, a Nigerian real estate development company, has disclosed that a $100 million landmark deal between the Company and Virtuitis Solaris, a subsidiary of MOJEC International Holdings, has been signed to develop the Isimi Lagos Solar Farm.
This was revealed in a statement released by LandWey, confirming the deal.
The Isimi Lagos Solar Farm, a renewable energy project aimed at promoting sustainable development and reducing the carbon footprint in Nigeria, will be a 50 megawatt (mw) solar photovoltaic power plant, with the potential to scale to 100mw.
Located in the heart of Lagos, the project will use renewable energy sources, such as the power of the sun, to abundantly generate clean energy for businesses and households in Lagos.
This will help in reducing the dependence on fossil fuels and promote sustainable development.
The solar farm will also help reduce the cost of electricity for businesses and households, which will make it an attractive investment for both private and public sector players.
This renewable energy project is in line with Nigeria’s commitment to the Paris Agreement, which intends to limit global warming to 1.5 degrees Celsius and reduce greenhouse gas emissions.
The founder and CEO of LandWey Investment Limited, Olawale Ayilara, said that his Company is excited to partner with Virtuitis Solaris to develop the Isimi Lagos Solar Farm.
He added that it is a project that aligns with the Organization’s commitment to sustainability and the reduction of the carbon footprint in Nigeria.
Ayilara further stated that it also reinforces LandWey’s vision of creating sustainable and inclusive communities that provide quality living and working spaces for the Nigerian people.