Oando plans 1.2 billion solar panel factory with Africas first recycling line, aiming to boost domestic manufacturing and green jobs in Nigeria.
Q1 profit surged 90.5 to 73.84 million, driven by finance cost reversal and 106.85 million tax credit revenue reached 608.9 million.
Oando to raise 327.5 million in fresh capital and expand drilling, with 250270 million earmarked for upstream and clean energy projects.
Oando Plc, a leading oil company led by Nigerian oil mogul Wale Tinubu, is accelerating efforts to diversify into renewables, announcing progress on a landmark 1.2 billion solar PV module assembly plant, according to its Q1 2025 financial results.
The proposed 1.2-gigawatt solar project, set to be Africas first of its kind with an integrated recycling line, is part of Oando's broader clean energy strategy to expand domestic manufacturing, renewable capacity, and green jobs.
Africas first solar panel recycling lineOando Clean Energy and Nigerias Rural Electrification Agency REA recently signed a Memorandum of Understanding MoU to formalize the groundbreaking initiative. Land acquisition and financial modelling are already complete, the company confirmed.
This is Africas first solar module assembly plant with a recycling line, said Demola Ogunbanjo, President and CEO of Oando Clean Energy. Were creating circular value by turning old, dysfunctional solar panels into usable raw materials.xA0
REA's CEO, Abba Aliyu, added: This partnership not only boosts access to electricity but repositions Nigeria as a renewable energy hub on the continent. A 600MW initial production line is expected by 2026, unlocking large-scale solar infrastructure development, boosting local supply chains, and expanding access to energy across Nigeria.