InfoStride News reports that Nigerian Breweries has entered into an agreement with Daystar Power for the establishment of a 4.3-megawatt peak solar plant at its Lagos brewery, as disclosed in a statement on November 28 by Daystar.
Under the terms of the agreement, Daystar Power will be responsible for the installation and management of a solar plant with a 4.2-megawatt peak (MWp) capacity, coupled with a 2-megawatt-hour (MWh) battery storage system.
This venture represents a notable milestone as one of the largest solar and battery storage projects specifically designed for an industrial manufacturer within Nigeria.
The hybrid solar system is expected to generate 5,249 megawatt-hours (MWh) of electricity annually, accounting for 42% of the daytime power consumption at Nigerian Breweries’ Lagos brewery. This move towards integrating solar energy is poised to substantially diminish the reliance on diesel generators, offsetting an estimated 31.4 million liters of diesel usage and preventing approximately 84,758 tons of CO2 emissions over the project’s 20-year operational span.
The joint effort between Nigerian Breweries and Daystar Power aligns with Heineken’s commitment to reducing its production-related carbon footprint by 2030 and achieving complete decarbonization throughout its value chain by 2040, as highlighted in the statement.
Jasper Graf von Hardenberg, CEO of Daystar Power, expressed excitement about the collaboration with Nigerian Breweries, describing it as a noteworthy accomplishment within their Nigerian portfolio. He emphasized their pride in supporting Heineken’s dedication to renewable energy adoption and its journey toward sustainability.
“We are thrilled to sign an agreement with Nigerian Breweries for this milestone project, one of the largest in our portfolio in Nigeria. We could not be prouder to support Heineken as it accelerates its adoption of renewable energy.”
In a related development, according to the Sustainable Banking Report for 2023 by Standard Chartered, there is a growing interest in climate investing, with the potential to mobilize around $3.4 trillion from individual investors in key markets across Asia, Africa, and the Middle East. This capital could be directed towards initiatives addressing climate change by 2030.
The report identifies an even broader $8.2 trillion of retail capital potential in sustainable investing, indicating the increasing traction of climate investing. Of this, $2.1 trillion could be directed towards climate mitigation, with investors displaying a high interest in renewables, energy storage, and energy efficiency. Another $1.3 trillion could be channeled into climate adaptation, spanning resilient infrastructure, food systems, biodiversity, and the blue economy.
Interestingly, the findings indicate that over 90% of surveyed investors express an interest in initiatives related to climate change. However, only about 20% of these investors are currently prepared to commit significant amounts of capital towards these efforts.
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