Tingo, TAE Power Solutions and EVTEC Energy sign partnership agreement that will create more than 12,000 jobs

Tingo Foods, TAE Power Solutions Engineering Limited, and EVTEC Energy PLC have announced a partnership that will see the construction of Africa’s first net-zero solar power plant.

The triumvirate of companies will collaborate to develop a 110MW solar power plant, providing a sustainable energy source for Tingo’s Special Agro-Industrial Processing Zone (SAPZ) driven by ESG principles and based in Delta State, Nigeria.

Tingo is currently in the development phase of SAPZ – a first of its kind project in Nigeria – backed by a budget of $1.6 billion. SAPZ aims to be the largest food processing facility in Africa, completing the Tingo agricultural and food eco-system from seed to sale.

Company support from the Minister of Agriculture & Rural Development alongside key local administrators in the Delta region have given further assurances on the impact this project will bring to the region’s agriculture sector.

Entrepreneur and Tingo founder Dozy Mmobuosi explained he wants the project to empower other countries and showcase what can be done on the continent with enough willing.

“It has long been an ambition of mine to help make Africa self-sufficient, in particular its food consumption requirements,” he said.

The solar power plant will be constructed and managed in Asaba SAPZ, where Tingo is currently developing a state-of-the art facility which will produce products ranging from rice to cashew milk, millet-based cereal to beer, encompassing 12 provisional product lines.

The SAPZ mega-project is expected to provide more than 12,000 direct jobs – an unprecedented number in West Africa.

At the heart of the SAPZ project is Africa’s ability to provide food provision for itself, eliminating its reliance on importing finished goods with excessive overheads. The end goal is to bring down the cost of finished food goods for Africans by reducing the need to export raw goods, significantly reducing the environmental strain associated with import/export activity. 

The solar power plant has an estimated cost of $150 million, funded by TAE and EVTEC, subject to the agreement of conditions. Tingo will provide support via a power purchase agreement (PPA), acting as a corporate guarantee. Through this partnership Tingo, TAE and EVTEC have agreed to evaluate projects of a similar nature across Nigeria and the wider sub-Saharan landscape, and where suitable collaborate on their development accordingly.

The job creation isn’t limited to Nigeria. Through the partnership, the UK will see 200 jobs created in the Midlands, where EVTEC is pioneering work within ESG circles and ensuring workplace diversity. A third of the workforce will be disabled.

Founded in 1998 with a mission to develop the ultimate clean energy solution, TAE is credited with creating, an industry first, combined energy storage and power delivery system that bridged the ‘power’ gap between local power grid supply and required output to run TAE’s fusion research reactor. EVETC Energy PLC is a clean energy solutions provider that designs and delivery renewable energy projects in tandem.

“Our partnership with TAE Power Solutions and EVTEC Energy is a powerful step towards establishing a sustainable and innovative future for Nigeria’s agro-industrial sector,” said Dozy Mmobousi.

“Tingo Foods’ commitment to creating jobs and boosting economic growth in the region is unwavering, and by collaborating with leading technology experts in the Midlands, we can ensure that our vision of a green and prosperous future becomes a reality.

“Together, we will build a Net Zero carbon emission ESG driven power project that will have a positive impact on the environment and create opportunities for the people of Delta State and beyond. This is just the beginning of a transformative journey, and we look forward to exploring new possibilities for collaboration and innovation in the future.”

Neha Mehta, the CEO of Tingo International Holdings, added: “We are excited to have TAE and EVTEC onboard to bring our vision of a net-zero carbon emissions ESG-driven power project to reality. This solar power plant project, which is the first of many, will contribute to reducing the carbon footprint in Africa and promoting sustainable economic development.”

Tingo Foods PLC is a wholly owned subsidiary of Nasdaq listed MICT (NASDAQ: MICT).