Jonathan to launch Edo power project

Goodluck Jonathan

Nigeria’s president Goodluck Jonathan

from AUGUSTINE OSAYANDE in Abuja, Nigeria
ABUJA – PRESIDENT Goodluck Jonathan will later this week perform the foundation laying ceremony of $1 billion Azura 1 000 megawatts gas-powered Independent Power Plant in Edo State.

Peter Okhiria, Chief Press Secretary to Governor Adams Oshiomhole, disclosed the arrangement.

Okhiria said the Azura-Edo Independent Power Plant would provide over 4 000 direct and indirect jobs for the people of the state from the construction to the post-construction period of the project.

“The Azura-Edo Power Project is a clear demonstration of the confidence of the international community in the economy of Edo State. It is an indication that Edo State is investor-friendly as the Government under Comrade Adams Oshiomhole has put in place the necessary infrastructure to attract investors to the state,” he said.

He said the state government conceptualized the scheme under the Public Private Partnership Programme to unlock the industrial potential in the state.

The first phase of the project, which was conceptualized in 2010 and jointly incubated by the Edo State Government under Comrade Adams Eric Oshiomhole and Amaya Capital, the key promoters of Azura Power West Africa Ltd, is 450-500 megawatts to be scaled up to 1 000 megawatts in the second phase.

The Azura project is the first Nigerian power project to benefit from the World Bank’s “Partial Risk Guarantee” structure which was specifically created to meet the developing needs of emerging markets globally.

The Azura-Edo IPP is expected to create the template for the successful development of IPPs in Nigeria and Edo State is playing a pioneering role in determining the future of Nigeria’s power sector.

– CAJ News








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Posted by on Oct 6 2014. Filed under Energy, Featured, Finance, Finance & Banking, Oil & Gas. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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