Siemens, a leading global engineering giant, through its subsidiary Siemens Nigeria, and CT Cosmos, a Nigerian firm based in Abuja, have concluded a memorandum of understanding to construct a 70MW alternating current (MWac) photovoltaic (solar) power facility estimated at $170 million in Panyam, Plateau State.

The project, which is expected to be completed in a less than two-year period, will supply the power produced into the national grid.

The 70MWac solar power plant is the first in a series of large solar power generating facilities proposed by CT Cosmos for various sites in Nigeria. Chief Executive of CT Cosmos, Mr. Phillip Chukwueke stated that solar power is now approaching parity with traditional sources of energy and expressed his optimism that in the not too distant future it would become more cost effective to generate electricity from the sun than from hydro and thermal sources.