A subsidiary of MOJEC International, Virtuitis Solaris, has entered into partnership with LandWey Investment Limited, a Nigerian real estate to develop the Isimi Lagos Solar Farm.
The Isimi Lagos Solar Farm is a renewable energy project aimed at promoting sustainable development and reducing the carbon footprint in Nigeria.
Group Chief Executive Officer of MOJEC, Ms. Chantelle Abdul, said the project would cost about a $100 million.
The Isimi Lagos Solar Farm would be a 50 MW solar photovoltaic power plant, with the potential to scale to 100 MW- located in the heart of Lagos, Nigeria’s commercial capital.
The project will use renewable energy sources, including the power of the sun, to abundantly generate clean energy for businesses and households in Lagos, reducing dependence on fossil fuels and promoting sustainable development.
The solar farm, would also reduce the cost of electricity for businesses and households, making it an attractive investment for both private and public sector players.
The project is in line with Nigeria’s commitment to the Paris Agreement, which aims to limit global warming to 1.5 degrees Celsius and reduce greenhouse gas emissions.
Commenting on the deal, the founder and CEO of LandWey Investment Limited, Olawale Ayilara said: “We are excited to partner with Virtuitis Solaris – Mojec International to develop the Isimi Lagos Solar Farm. This project aligns with our commitment to sustainability and reducing the carbon footprint in Nigeria. It also reinforces our vision of creating sustainable and inclusive communities that provide quality living and working spaces for Nigerians.”
Chantelle Abdul said: “We are pleased to partner with LandWey Investment Limited to develop Isimi Lagos Solar Farm- A first of its kind, Green Energy City.
“This project is a testament to our commitment to promoting renewable energy and sustainable development in Nigeria. We believe that this project will not only contribute.
to reduce the carbon footprint in Nigeria but also help to create jobs and stimulate economic growth.”
She furthered commended Landwey for blazing the trail in making the bold move to use renewable energy to power the city.
The solar farm is expected to be completed by 2025, and it was projected to power over 70,000 homes and businesses in Lagos.