MICT, Inc. (MICT) announced that its wholly owned subsidiary, Tingo Foods Plc (Tingo Foods), has entered into a partnership with Evtec Energy Plc (Evtec Energy), who have committed to build a $150 million net zero carbon emission solar plant to provide a sustainable and low-cost energy source to power Tingo Foods’ multi-billion dollar food processing facility announced on February 9, 2023.
The state-of-the-art $1.6 billion Tingo Foods processing facility in the Delta State of Nigeria is scheduled to be completed by the end of the first half of 2024. 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, cereals, chocolate, biscuits, cooking oils, non-dairy milks, carbonated drinks, and mineral water. Through this first-of-its-kind facility in Nigeria, Tingo Foods aims to reduce Africa’s reliance on the import of finished food and beverage products and to increase exports of made-in-Africa produce, which in turn is expected to reduce the prices of finished products and significantly reduce shipping miles and carbon emissions.
By constructing its own on-site 110 megawatt solar power plant using the advanced energy-tech of Evtec Energy and utilizing the technology of TAE Power Solutions Limited (TAE Power), Tingo Foods expects its food processing facility to achieve net zero carbon emissions while also benefiting from considerable energy cost savings.
The $150 million cost of the solar power plant is to be funded by Evtec Energy and their financial partners: Credit Suisse, JPMorgan, and Roth (subject to the agreement of financial terms and conditions). Under the terms of the partnership, Tingo Foods will enter into a Power Purchase Agreement (PPA). Additionally, through their partnership and collaboration, Tingo Foods, Evtec Energy and their technology partner TAE Power will explore similar projects throughout Nigeria and Sub-Saharan Africa.
Dozy Mmobuosi, founder of Tingo Mobile Limited and Tingo Foods PLC, commented “Our partnership with Evtec Energy is a significant step toward establishing a sustainable and innovative future for Nigeria’s and Africa’s agro-industrial sectors. Our commitment to create jobs and boost economic growth is unwavering and through our collaboration with leading technology experts we can realize 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.”