Transcorp Energy Limited and Renewvia Solar Nigeria Limited signed a memorandum of understanding to develop renewable energy projects across Nigeria, marking another step in efforts to address the nation’s persistent power deficit through private-sector partnerships.
The collaboration between the integrated energy subsidiary of Transnational Corporation Plc and the Nigerian unit of U.S.-based Renewvia Energy Corp will target commercial, industrial and residential customers, as well as underserved communities through both grid-connected and off-grid platforms. The companies plan to expand operations beyond Nigeria into other African markets.
The partnership comes as Nigeria grapples with chronic electricity shortages that have hampered economic growth and industrial development. The West African nation of more than 200 million people generates roughly 4,000 megawatts of power—far below demand—forcing businesses and households to rely heavily on diesel generators.
“We are committed to bridging the energy deficit in Africa,” said Chris Ezeafulukwe, managing director and chief executive officer of Transcorp Energy. “This partnership with Renewvia Energy is aligned towards realising Transcorp Energy’s strategic objective of consistent provision of renewable energy solutions across all facets of our economy.”
The agreement enables both companies to aggregate and monetise renewable energy credits from developed projects, potentially creating additional revenue streams as carbon markets mature across Africa. Financial terms and specific project timelines were not disclosed.
For Renewvia, the deal provides entry into Nigeria’s fragmented power market through an established local partner. Transcorp Energy operates the 972-megawatt Afam Power Station and holds stakes in oil and gas assets, giving it existing customer relationships and infrastructure that could accelerate deployment.
“Nigeria is a cornerstone market for Renewvia’s Africa strategy,” said Trey Jarrard, chief executive officer of Renewvia Energy. “Partnering with Transcorp Energy allows us to scale rapidly by anchoring projects to high-quality assets and trusted institutions, while delivering long-term value through clean, resilient, and cost-effective power solutions.”
The partnership reflects growing interest from international renewable energy developers in African markets, despite regulatory and financing challenges. Solar power costs have declined sharply over the past decade, making distributed generation increasingly competitive with diesel alternatives that many Nigerian businesses currently depend on.
Nigeria’s government has pushed to increase the share of renewable energy in the power mix, offering tax incentives and streamlining permits for solar projects. The country aims to achieve 30 percent renewable energy penetration by 2030, up from single digits currently.
Transcorp Energy and Renewvia said they envision building a scalable pan-African renewable energy business capable of serving different market segments. The companies did not specify initial investment amounts or projected capacity targets for the partnership.
The collaboration adds to a wave of renewable energy deals in Nigeria, where companies including TotalEnergies SE and Shell Plc have announced solar investments to power their own operations and sell electricity to third parties.
