SWSOLAR Group signs MoU with Nigerian Govt.

To set up solar photovoltaic power plants in Nigeria

Sterling and Wilson Solar Solutions Inc., incorporated in the
United States of America (SWSS), a wholly owned step down subsidiary of the Sterling & Wilson Renewable Energy (the Company) along with its consortium partner Sun Africa LLC (collectively referred to as the Consortium), have signed a Memorandum of Understanding (MoU) with the Government of the Federal Republic of Nigeria to deliver the development, design, construction and commissioning of solar photovoltaic power plants with total installed capacity of 961 MWdc at five different locations (Projects) in the Federal Republic of Nigeria along with battery energy storage systems with total installed capacity of 455 MWh.

These Projects will ultimately be owned and operated by Niger Delta Power Holding Company (NDPHC), a Nigerian Government owned entity. Financing for these Projects are under negotiations between US EXIM, ING and the Government of Nigeria.

The Company wishes to emphasize that the above said MoU has been entered as a first step towards signing of definitive Development and EPC Agreements, which is subject to, inter alia, financing arrangement and approval by the Board of Directors of NDPHC.

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