Genesis Energy, Katsina Sign $500m Deal to Fund Infrastructure Development
Peter Uzoho
Genesis Energy Holding, a UK-based pan-African clean energy infrastructure development and asset management company, has signed a Memorandum of Understanding (MoU) with the Katsina State government for a $500 million investment in energy infrastructure.
The investment, according to a statement issued yesterday in London, would enable the development, financing, and execution of a series of major energy infrastructure projects across the state.
The agreement specifically outlines a strategic partnership for the development, financing, construction, operation, and maintenance of key energy projects, which are aimed at accelerating the industrialisation and socio-economic advancement of Katsina State and provide clean, reliable, and sustainable energy solutions for the region.
Commenting on successfully executing the MoU with Genesis Energy, Katsina State Governor, Dikko Radda, said the partnership was a significant step toward providing reliable, cost-effective, and environmentally friendly power solutions, fostering economic growth, and attracting investments to Katsina State.
“This MoU represents a major milestone in our ongoing efforts to build resilient infrastructure that will not only address Katsina’s immediate energy needs but also lay the foundation for a prosperous and greener future for generations to come.
“The first of the series of projects being constructed under this partnership will shortly be commissioned before the end of this April 2025,” the governor said.
He explained that the MoU outlines the framework for the collaborative development of a diverse portfolio of energy projects, focusing on solar, wind, hydro, mini-grids, and natural gas solutions.
“This partnership will establish Katsina State as a leading clean energy hub, not only in Nigeria but across the West African region,” Radda added.
The Chairman and Chief Executive Officer of Genesis Energy, Mr. Akin Omoboriowo,
stated: “Lighting Up Africa is more than just a vision for Genesis; it is the very heartbeat that drives us. We are committed to enduring the rigorous process of developing and financing projects to bring sustainable energy solutions to the continent.
“For Genesis Energy, this marks a significant milestone as we continue to actively partner with Katsina State in achieving energy independence, creating a pivotal opportunity to industrialise the State and position it as a major player in clean and renewable energy generation.”
The partners further noted that the primary objective of the collaboration was to address the state’s growing energy needs and support the Nigerian government’s broader energy security and sustainability goals.
The MoU, they maintained, lays the foundation for creating a multi-phased energy platform that will provide power to critical sectors, including healthcare, industry, and agriculture, while contributing to the regional transition to a green economy.
According to the statement, the key initiative of the MoU involves powering critical sectors and providing critical energy infrastructure across key sites across the state, and deploying suitable energy technologies.
It added that Phase One of the projects was expected to be executed concurrently across multiple initiatives, aimed at promoting energy independence, facilitating industrialisation, creating jobs, and displacing significant amounts of CO2 emissions.
“The signing of the MoU marks a significant milestone in the strategic collaboration between Genesis Energy and the Katsina State government. Both parties are committed to ensuring the successful implementation of major impactful energy infrastructure projects across the State through transparent, and good faith cooperation”, the statement further said.
