Tingo Foods recently entered into a partnership with Evtec Energy Plc to build a $150 million net-zero carbon emission solar plant in Nigeria to power a factory of Tingo Foods, a wholly owned subsidiary of Montvale-based MICT Inc.
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, cereals, chocolate, biscuits, cooking oils, non-dairy milks, carbonated drinks and mineral water.
The state-of-the-art $1.6 billion Tingo Foods processing facility is scheduled to be completed by the end of the first half of 2024.
Tingo Foods aims to reduce Africa’s reliance on the import of finished food and beverage products and to increase exports of made-in-Africa produce, which in turn is expected to reduce the prices of finished products and significantly reduce shipping miles and carbon emissions.
The project is to be funded by Evtec Energy and its financial partners, Credit Suisse, JPMorgan and Roth, subject to terms and conditions. Under the terms of the partnership, Tingo Foods will enter into a Power Purchase Agreement.
David Roberts, chairman of the Evtec Group, commented: “We are delighted to partner with Tingo Foods to deliver this important and transformational project. The scheme is perfectly aligned with our ethos and commitment toward sustainability and, ultimately, delivering net-zero carbon emissions. I am equally delighted that we have been able to call upon the leading clean energy expertise of TAE Power Solutions to help us deliver the optimal technology for the new plant.”