Oando PLC has announced significant progress on its ambitious 1.2-gigawatt solar PV module assembly plant, as part of its clean energy drive, according to the company’s unaudited Q1 2025 results. The energy giant confirmed that land acquisition and financial modelling for the plant have been completed, with the first 600 MW production line expected to roll out by 2026.
The project — a collaboration between Oando Clean Energy and the Rural Electrification Agency (REA) — marks a milestone in renewable energy for Africa. It will be the first solar module assembly plant on the continent to include a recycling line for dysfunctional solar panels, converting them into raw materials for reuse.
“This is Africa’s first solar module assembly plant with a recycling line… a critical leap forward,” said Demola Ogunbanjo, President & CEO of Oando Clean Energy.
REA’s MD/CEO, Abba Aliyu, added that the initiative would position Nigeria as a renewable energy hub, enhancing energy access and creating jobs.
Beyond solar, Oando also achieved 53,941 electric vehicle rides and 42,779 kg of CO₂ emissions averted in Q1 through its electric mobility programme using two operational e-buses.
Meanwhile, Oando’s upstream operations reported a 72% year-on-year production increase, driven by the successful integration of NAOC assets, improved asset reliability, and reactivation of shut-in wells.
“We are now equipped with the financial flexibility to accelerate execution,” said Group Chief Executive Wale Tinubu, who emphasized a focus on targeted infrastructure upgrades, rig-less well interventions, and an extensive H2 2025 drilling programme.
Oando also reported strong financial performance in Q1:
- Gross profit surged 172% to ₦85 billion
- Revenue grew 2% year-on-year to ₦933 billion
Strategically, the company is extending its footprint beyond Nigeria. It has entered Angola’s Kwanza Basin, expanding its upstream reach in Africa, and has been named preferred bidder for the Guaracara Refinery in Trinidad and Tobago, reinforcing its position as a growing player in the Afro-Caribbean energy landscape.
Additionally, the firm is evaluating a waste-to-energy project with BGE and has completed a techno-economic study for a 6 MW geothermal pilot.
For full-year 2025, Oando has reaffirmed its production target of 30,000–40,000 boepd and plans $250–$270 million in capital expenditure, targeting a 20% cost reduction through investments in drilling, infrastructure, and ESG-focused projects.
“Our evolution into a more geographically diversified energy company is well underway,” Tinubu concluded.
