$1bn Azura-Edo power plant kicks off

The foundation laying ceremony of the $1 billion Azura-Edo 1,000 megawatts gas-powered Independent Power Plant, will hold on Friday, 10th October, 2014.

Power electricity

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 mega watts 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.

Chief Press Secretary to Governor Adams Oshiomhole, Mr Peter Okhiria said the Azura-Edo IPP will 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.

According to him, “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.”

According to Okhiria, “this is another project conceptualized by the Edo State Government under the Public Private Partnership Programme to unlock the industrial potentials in the State and make the state the nation’s energy hub.”

The foundation laying will be done by President Goodluck Jonathan.

Venue of the foundation laying ceremony is Ihovbe/ Orior Osemwende Communities, off Benin- Lagos Bypass, Benin City, from 9:00am.

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$1bn Azura-Edo power plant kicks off

Nigeria, US sign MoU on 1,500MW power plant

Nigeria and the United States of America on Thursday signed a Memorandum of Understanding to build a 1,500 megawatts power plant as well as for the construction of other infrastructure to boost Nigeria’s power sector.

transformer

The MoU, which was as a result of the Power Africa initiative which was inaugurated last year by the US President, Barack Obama, was signed at the headquarters of the Federal Ministry of Power in Abuja.

The US Ambassador to Nigeria, James Entwistle, who signed on behalf of the United States government, said with the MoU, both countries had agreed to work together to increase access to and availability of electricity in Nigeria.

He said, “In Nigeria, Power Africa supports the strengthening of the energy sector through credit enhancement, grants, technical assistance, and investment promotions efforts.

“Power Africa is working to mobilise affordable and long-term financing for capital and operational expenditure requirements to generation and distribution companies to accelerate electricity market development.”

The Senior Vice President for Africa, Global Edison Corporation, Dr. Peter Nwangwu, a member of the delegation to the ministry, stated that the 1,500MW power plant and a solar panel company were part of the signed MoUs.

He said, “Two MoUs were signed today for Global Edison. For the first MoU, we are building a 1,500MW gas fuelled power station and for the second MoU, we are building a 70MW solar panel manufacturing company in Nigeria, which will be the largest in West Africa.

“The significance of this is that we will be able to now power our rural areas and villages with reliable solar panels that will last for 30 to 50 years. Imported panels have given solar business a bad name but when properly designed and installed, they can be almost maintenance free for 30 to 50 years. And that is what we intend to achieve here.

On whether the MoU would focus on just gas and solar power, Entwistle said, “We are not particularly committed to any one kind of energy. What we are committed to is increasing the overall vibrancy of the power sector. So we are looking at solar, gas and others.”

Nebo, in his address, assured the team of the Federal Government’s support to ensure that the initiative succeeds in Nigeria.

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Nigeria, US sign MoU on 1,500MW power plant