Tingo Foods Plc has entered into a partnership with Evtec Energy Plc (“Evtec Energy”), for development and construction of a $150 million solar energy plant with a power production capacity of 110MW, which will power Tingo Foods’ multi-billion dollar food processing facility in Nigeria.
Tingo Foods entered into a Power Purchase Agreement (PPA) with Evtec Energy, and the solar power plant is to be funded by Evtec Energy and their financial partners: Credit Suisse, JPMorgan, and Roth.
Additionally, through their partnership and collaboration, Tingo Foods, Evtec Energy and their technology partner TAE Power will explore similar projects throughout Nigeria and Sub-Saharan Africa.
Tingo Foods state-of-the-art processing facility in the Delta State of Nigeria is scheduled to be completed by the end of the first half of 2024. The new facility, believed to be the largest in Africa, is expected to multiply the food processing capacity and revenues of Tingo Foods, allowing it to expand its current product range of rice, pasta, noodles, and other staple foods into new product areas such as tea, coffee, cereals, chocolate, biscuits, cooking oils, non-dairy milks, carbonated drinks, and mineral water.
“Our partnership with Evtec Energy is a significant step toward establishing a sustainable and innovative future for Nigeria’s and Africa’s agro-industrial sectors,” said Dozy Mmobuosi, founder of Tingo Foods PLC.
David Roberts, Chairman of the Evtec Group, commented: “We are delighted to partner with Tingo Foods to deliver this important and transformational project. The scheme is perfectly aligned with our ethos and commitment toward sustainability and, ultimately, delivering net zero carbon emissions. I am equally delighted that we have been able to call upon the leading clean energy expertise of TAE Power Solutions to help us deliver the optimal technology for the new plant.
“We are hugely enthused that Tingo Foods and MICT share our values and we look forward to working with them and building a mutually beneficial and long-term relationship,” concludes Roberts.