NIGERIA – Tingo Foods Plc, a subsidiary of Montvale-based MICT Inc. has entered into a partnership with Evtec Energy, to build a US$150mn net zero-carbon emission solar plant in a move towards sustainable and low energy-cost food processing.
Tingo Foods Plc is a Nigerian-based platform that uses technology and data to enhance production and market participation in agriculture.
However, Tingo is currently in the development phase of the Special Agro-Industrial Processing Zone (SAPZ) a first-of-its-kind project in the Delta State of Nigeria backed by a budget of $1.6 billion. The facility is scheduled to be completed by mid-2024.
Through the partnership, the companies aim to develop a 110MW solar power plant, using the advanced energy tech of EVTEC Energy and utilizing the technology of TAE Power Solutions.
The facility is intended to provide a sustainable energy source for Tingo’s SAPZ driven by Environmental, social, and corporate governance (ESG) principles.
The project is to be funded by EVTEC Energy and its financial partners Credit Suisse, JPMorgan, and Roth where Tingo Foods will enter into a Power Purchase Agreement (PPA).
The new facility, believed to be the largest in Africa, is expected to multiply the food processing capacity and revenues of Tingo Foods, allowing it to expand its current product range of rice, pasta, noodles, and other staple foods into new product areas such as tea, coffee, and many others.
According to Tingo, the aim is also to eliminate Africa’s reliance on importing finished goods with excessive overheads.
Dozy Mmobuosi, founder of Tingo Foods said that the partnership with Evtec Energy is a significant step toward establishing a sustainable and innovative future for Nigeria’s and Africa’s agro-industrial sectors
He added that the facility will be a source of employment and a boost to the economic growth in Nigeria. Also, the collaboration with leading technology experts is a realization of our vision of a green and prosperous future for Africa.
“This is just the beginning of our journey into the sustainable energy sector, and we look forward to exploring new possibilities for collaboration and innovation in the future,” he said.
Darren Mercer, CEO of MICT, added ‘The development will enhance margins and the overall profitability of this hugely exciting and potentially vast business within our group.
Additionally, the collaboration is envisioned to explore similar projects throughout Nigeria and Sub-Sahara Africa.