Oando PLC has advanced plans to establish a 1.2-gigawatt solar PV module assembly facility, as revealed in its unaudited Q1 2025 financial report.
The company confirmed that it has secured land for the project and completed the necessary financial modelling.
Earlier, Oando Clean Energy signed a Memorandum of Understanding with the Rural Electrification Agency (REA) to officially launch the solar initiative.
During the MoU signing, Demola Ogunbanjo, President and CEO of Oando Clean Energy, highlighted the project’s groundbreaking nature, describing it as Africa’s first solar module assembly plant equipped with a recycling line to repurpose old solar panels into usable raw materials.
REA’s Managing Director and CEO, Abba Aliyu, described the partnership as transformative—one that will not only boost energy access but also position Nigeria as a regional leader in renewable energy.
Oando revealed that the first 600 megawatts of production capacity will begin rollout in 2026, noting that the plant will support solar infrastructure growth, enhance local manufacturing, create jobs, and improve access to clean energy across Nigeria.
The company also reported strides in its electric mobility programme, recording 53,941 electric vehicle rides in Q1 and preventing 42,779 kilograms of carbon emissions through its two operational electric buses.
Group Chief Executive Wale Tinubu described the first quarter of 2025 as a strong start, with production volumes increasing by 72% year-on-year, largely due to the successful integration of NAOC assets, improved reliability, and reactivation of previously shut-in wells—all results of enhanced operational efficiency.
He added that following a transformative 2024, the company is focused on maximizing value from its expanded upstream portfolio through infrastructure upgrades, non-rig well interventions, and a robust drilling campaign in the second half of the year—efforts supported by newly secured working capital.
Oando also disclosed that it is reassessing a waste-to-energy project with BGE due to high capital costs and is currently conducting a feasibility review.
In addition, the company finalized a techno-economic analysis for a 6 MW geothermal pilot and continues to engage with strategic partners for further clean energy initiatives.
Financially, the company posted strong quarterly results, with gross profit soaring by 172% to ₦85 billion and revenue rising by 2% year-on-year to ₦933 billion.
Tinubu also announced that Oando has expanded its regional footprint by entering Angola’s Kwanza Basin—an important step in growing its upstream presence across Africa.
He noted that Oando’s selection as preferred bidder for the Guaracara Refinery in Trinidad and Tobago reflects the company’s evolving presence in the Afro-Caribbean energy landscape and its success as a geographically diversified energy player.
The company reiterated its full-year production target of 30,000 to 40,000 barrels of oil equivalent per day, with $250–$270 million allocated to drilling, infrastructure, and ESG-focused projects—all aimed at cutting operating costs by 20%.
source: punchng.com
African Energy Council