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Coronavirus company news summary – Nigerian government begins solar roll out – Centrica looks to sell North Sea business

08 Dec 2020 (Last Updated December 8th, 2020 10:21)

8 December

The International Renewable Energy Agency (IRENA) has urged its members to intensify efforts for a green recovery after the coronavirus pandemic. While some nations have taken steps to increase their use of renewables, most countries have yet to take action.

The Nigerian government has started its Solar Power Naija project, as part of its Economic Sustainability Plan (ESP) to aid economic recovery. The initiative aims to offer five million solar connections, providing electricity to roughly 25 million people citizens with no access to grid power. The programme will bring in an additional revenue of $18m per year, in the form of tax revenues and $10m in annual import substitution.

UK utility giant Centrica has restarted talks to sell its controlling stake in oil and gas extraction business Spirit Energy. A spokesperson for the utility told Bloomberg it was in talks with “a number of parties”, but it had not restarted the official sale process yet. Analysts have valued the steak at more than $1.8bn, down from the $2bn it was asking in April. Sales were suspended during the middle the year due to the slump in oil prices. Centrica is looking to divest the company in order to focus on its power supply business.