Oando Plc, a prominent Nigerian multinational energy company, has taken a significant step towards advancing sustainable clean energy solutions in Nigeria by signing a Memorandum of Understanding (MOU) with FuelCell Energy, a leading innovator in renewable power technologies based in the United States.
This transformative agreement was inked during a high-profile roadshow, organized by the U.S. Agency for International Development (USAID) Mission in Nigeria, as well as the U.S. Government Prosper Africa and Power Africa initiatives. The roadshow aimed to introduce U.S. investors to promising opportunities within the Nigerian investment landscape, drawing the participation of key figures from U.S. pension funds and financial service providers.
The core of this MOU involves collaboration between FuelCell Energy and Oando Clean Energy Limited (OCEL), the renewable energy subsidiary of Oando Energy Resources (OER), which is a part of Oando Plc. Together, they will work on the development of a cutting-edge 5 to 15-Megawatt (MW) power plant, ushering in an era of sustainable power solutions for Nigeria.
This visionary partnership stands poised to leverage FuelCell Energy’s advanced fuel cell and electrolyzer technology, with a particular focus on integrating carbon capture and sequestration technologies. The alignment between this partnership and OCEL’s mission is unmistakable, as OCEL seeks to enhance electricity accessibility in African markets, beginning with Nigeria. The collaboration is perceived as a crucial stride towards advancing Nigeria’s industrialization and expanding access to reliable power.
Wale Tinubu, the chairman of OCEL, emphasized the increasing recognition of renewable energy as a sustainable and long-term solution to the world’s energy needs. He noted the positive impact of this recognition, resulting in lower energy prices and the emergence of innovative and accessible solutions, exemplified by FuelCell Energy’s offerings.
Tinubu expressed confidence in this partnership, emphasizing FuelCell Energy’s flexible, cost-effective, and state-of-the-art scalable technology. He believes this collaboration will empower Nigerians to access reliable low-carbon energy, contributing to a more sustainable energy landscape.
Oando Plc, the driving force behind this initiative, is a Nigerian multinational energy company with a significant presence across the upstream, midstream, and downstream sectors of the oil and gas industry. The company is dual-listed on the Nigerian Exchange and the Johannesburg Stock Exchange, underlining its global reach.
Notably, Wale Tinubu holds an indirect stake in Oando Plc through his 66.67 percent ownership of Ocean and Oil Development Partners (OODP). OODP, an investment firm co-owned by Tinubu and Omamofe Boyo, possesses a substantial 7.132 billion ordinary shares in Oando, further reinforcing their commitment to advancing sustainable energy solutions in Nigeria. This collaboration marks a significant milestone in the journey towards a greener and more sustainable energy future for Nigeria and beyond.
