Oando Plc has signed a memorandum of understanding (MOU) with United States-based FuelCell Energy, a leading global innovator in sustainable clean energy technologies in advancing renewable power solutions in Nigeria.
The agreement was signed during a prestigious roadshow hosted by the U.S. Agency for International Development (USAID) Mission in Nigeria, U.S. Government Prosper Africa, and Power Africa initiatives.
The event, designed to introduce U.S. investors to opportunities within the Nigerian investment landscape, attracted prominent figures from U.S. pension funds and financial service providers.
Under the terms of this agreement, FuelCell Energy and Oando Clean Energy Limited (OCEL), the renewable energy subsidiary of Oando Energy Resources (OER), a part of Oando Plc, will collaborate on the development of a cutting-edge 5 to 15-Megawatt (MW) power plant.
This visionary partnership is poised to harness FuelCell Energy’s advanced fuel cell and electrolyzer technology while delving into integrating its carbon capture and sequestration technologies.
The partnership closely aligns with OCEL’s mission to enhance electricity accessibility throughout African markets, beginning in its home nation, Nigeria. OCEL regards this collaboration as a pivotal stride toward advancing Nigeria’s industrialization and expanding power access.
Speaking on the agreement, chairman of OCEL, Wale Tinubu emphasised the increasing recognition of renewable energy as a sustainable and long-term solution for the world’s energy requirements.
He noted that this recognition has led to lower prices and the emergence of innovative and more accessible solutions, including those offered by FuelCell Energy.
“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,” Tinubu stated.
Oando Plc is a Nigerian multinational energy company with a presence in 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.
Tinubu owns an indirect stake in Oando Plc through his 66.67 percent stake in Ocean and Oil Development Partners (OODP).
OODP, the investment firm co-owned by Tinubu and Omamofe Boyo, holds a significant 7.132 billion ordinary shares in Oando.