MICT, Inc. has announced that its subsidiary, Tingo Foods Plc, has partnered with Evtec Energy Plc to build a $150 million net zero carbon emission solar plant to provide sustainable and low-cost energy to power Tingo Foods’ multi-billion dollar food processing facility in Nigeria. The new state-of-the-art Tingo Foods processing facility is expected to multiply the food processing capacity and revenues of Tingo Foods, allowing it to expand its current product range and reduce Africa’s reliance on imported food and beverage products. The facility aims to achieve net zero carbon emissions by constructing its own on-site 110-megawatt solar power plant, providing significant energy cost savings.
Evtec Energy and its financial partners, Credit Suisse, JPMorgan, and Roth, will fund the cost of the solar power plant. Under the partnership, Tingo Foods will enter into a Power Purchase Agreement (PPA) with Evtec Energy. Tingo Foods, Evtec Energy, and their technology partner, TAE Power, will explore similar projects throughout Nigeria and Sub-Saharan Africa.
Darren Mercer, CEO of MICT, stated that the sustainable energy zero carbon emissions power plant aligns with their commitment to the United Nations’ Sustainable Development Goals and ESG objectives. David Roberts, Chairman of the Evtec Group, expressed his enthusiasm for the project’s alignment with their commitment to sustainability and delivering net zero carbon emissions. Dozy Mmobuosi, founder of Tingo Mobile Limited and Tingo Foods PLC, commented that the partnership with Evtec Energy is a significant step towards establishing a sustainable and innovative future for Nigeria’s and Africa’s agro-industrial sectors.