NIGERIA – Tingo Foods Plc, a subsidiary of Montvale-based MICT Inc., has entered into a partnership with Evtec Energy to build a US$150mn net zero-carbon emission solar plant, to strengthen its transition towards sustainable and cost-effective energy in operations.
Tingo Foods Plc is a Nigerian-based platform that uses technology and data to enhance production and market participation in agriculture.
Recently, the company made public its plans of setting up a US$1.6 billion agri-food processing unit in Onicha-Ugbo in Delta State that is envisioned to revolutionize the African food processing industry.
The company has scheduled the completion of the project’s first phase in the Special Agro-Industrial Processing Zone (SAPZ) to be mid-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, and many others.
It will also serve as a center for developing and distributing new food products for both the local market and export.
Through the partnership, the companies aim to develop a 110MW solar power plant, using the advanced energy tech of EVTEC Energy and utilizing the technology of TAE Power Solutions.
The facility is intended to provide a sustainable energy source for Tingo’s SAPZ driven by Environmental, social, and corporate governance (ESG) principles.
Dozy Mmobuosi, the founder of Tingo Mobile and Tingo Foods, 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. Through our collaboration with leading technology experts, we can realize our vision of a green and prosperous future for Africa.”
EVTEC Energy and its financial partners Credit Suisse, JPMorgan, and Roth, will fund the construction of the solar plant.
“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,” Mmobuosi said.
Soon, the partners and their technology partner TAE Power will explore similar projects throughout Nigeria and sub-Saharan Africa.
The new agri-food processing facility is the first phase of a multi-billion-dollar investment that Tingo International Holdings plans to make in the African food industry, Mmobuosi had earlier noted.
The group intends to save Africa from paying foreign exchange to import finished food products, strengthen the export of made-in-Africa foods to the world, and bolster the inter-Africa trade via the Africa Continental Free Trade Agreement and sell high-quality and nutritious food products in Nigeria.
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