Oando Plc has signed a historic memorandum of understanding (MoU) with FuelCell Energy, a leading global innovator in sustainable renewable energy technology based in the United States.
The agreement, which was inked during a distinguished roadshow held by the USAID Mission in Nigeria, the US government initiatives Prosper Africa and Power Africa, represents a significant step forward in expanding renewable energy solutions in Nigeria.
The event, which aimed to present US investors to investment prospects in Nigeria, drew important leaders from US pension funds and financial service providers.
FuelCell Energy and Oando Clean Energy Limited (OCEL), the renewable energy business of Oando Energy Resources (OER), a subsidiary of Oando Plc, will collaborate on the development of a cutting-edge 5-to-15-Megawatt (MW) power plant under the terms of this agreement.
This forward-thinking collaboration will use FuelCell Energy’s innovative fuel cell and electrolyzer technology while also incorporating its carbon capture and sequestration capabilities.
The collaboration closely matches with OCEL’s aim to improve electricity access throughout African markets, beginning in Nigeria. This collaboration, according to OCEL, is a critical step in advancing Nigeria’s industrialization and expanding power access.
Tinubu, the chairman of OCEL, stressed the agreement’s growing acceptance of renewable energy as a sustainable and long-term solution to the world’s energy needs. He said that this awareness has resulted in lower prices and the creation of creative and more affordable solutions, such as those provided by FuelCell Energy.
Tinubu stated: “Their flexible, cost-effective, and state-of-the-art scalable technology gives us confidence that we have chosen a good partner to help Nigerians access reliable low-carbon energy.”
Oando is a Nigerian global energy corporation with operations in the oil and gas upstream, midstream, and downstream sectors. The corporation is listed on both the Nigerian and Johannesburg stock exchanges.
Tinubu, a prominent participant in Nigeria’s energy sector, has a 66.67% ownership in Ocean and Oil Development Partners (OODP), which has an indirect stake in Oando. Tinubu and Omamofe Boyo’s investment business, OODP, owns a sizable 7.131,736,637 ordinary shares in Oando.
