Oando to Build Africa’s First Solar Panel Assembly Plant with Recycling Capability
Oando PLC is advancing plans to establish a 1.2-gigawatt solar PV module assembly plant, as revealed in its Q1 2025 financial report.
The company has secured land for the facility and completed financial modeling. This milestone follows a Memorandum of Understanding (MoU) signed between Oando Clean Energy and the Rural Electrification Agency (REA).
According to Oando Clean Energy CEO Demola Ogunbanjo, the project will be Africa’s first solar module plant with an integrated recycling line for repurposing old panels.
REA’s CEO, Abba Aliyu, called the partnership transformative, noting it will enhance energy access and position Nigeria as a renewable energy leader. The plant’s first 600MW production capacity is expected to launch in 2026.
Oando also reported progress in electric mobility, recording over 53,000 EV rides and preventing nearly 43,000 kg of carbon emissions using its two operational electric buses.
The company is also evaluating other clean energy initiatives, including a 6MW geothermal pilot and a reassessment of a waste-to-energy project due to high capital costs.
In its upstream operations, Oando posted a 72% year-on-year increase in production volumes, driven by the integration of NAOC assets and improved efficiency.
The company is targeting 30,000–40,000 barrels of oil equivalent per day in 2025 and plans to spend $250–$270 million on drilling, infrastructure, and ESG-focused projects.
Financially, Oando saw gross profit rise 172% to ₦85 billion, with revenue up 2% to ₦933 billion. The company has also expanded its footprint into Angola’s Kwanza Basin and was selected as the preferred bidder for Trinidad and Tobago’s Guaracara Refinery, reinforcing its growing influence across Africa and the Caribbean.
