Oando PLC has made significant progress on its 1.2-gigawatt solar PV module assembly plant project, with land secured and financial modeling completed. The project, which is a collaboration between Oando Clean Energy and the Rural Electrification Agency (REA), aims to drive solar PV infrastructure expansion, local manufacturing capacity, job creation, and energy accessibility across Nigeria. According to the company’s unaudited Q1 2025 results, the first 600 MW line is set for rollout in 2026, marking a major milestone in Nigeria’s transition to renewable energy.
The project is expected to position Nigeria as a renewable energy hub, with the solar module assembly plant featuring a recycling line that will repurpose old and dysfunctional solar panels into raw materials. This innovative approach will not only reduce waste but also enhance sustainability. The Managing Director/Chief Executive Officer of the REA, Abba Aliyu, described the partnership as a “game-changer” that will expand access to electricity and boost Nigeria’s renewable energy sector.
Oando’s commitment to clean energy is evident in its broader efforts, including its electric mobility program, which achieved 53,941 electric vehicle rides in Q1 and averted 42,779 kg of CO emissions through two operational e-buses. The company plans to deploy 50 electric buses in 2025, further solidifying its dedication to sustainable energy solutions. With a strong start to the year, Oando reported a 172% increase in gross profit to N85bn and a 2% year-on-year revenue growth to N933bn.
The company has also expanded its regional presence with its entry into Angola’s Kwanza Basin and was named preferred bidder for the Guaracara Refinery in Trinidad and Tobago. These developments demonstrate Oando’s growing role in the Afro-Caribbean landscape and its evolution into a more geographically diversified energy company. Oando reaffirmed its full-year production target of 30-40,000 barrels of oil equivalent per day, with $250-270m in projected capital expenditure dedicated to drilling, infrastructure, and environmental, social, and governance projects.
The 1.2GW solar plant project is a significant step towards achieving Nigeria’s renewable energy goals, and Oando’s commitment to sustainability is expected to drive economic growth and energy accessibility across the country. With the solar PV module assembly plant progressing toward a final investment decision, Oando is poised to play a major role in shaping Nigeria’s energy future.
