The Edo State Government has secured a 10 per cent equity stake in a proposed 100-megawatt power plant to be developed in Ologbo, with Governor Monday Okpebholo stating that the investment will boost electricity supply, create employment opportunities and generate additional revenue for the state.
The governor made this known in Benin City while receiving the Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Olusegun Alebiosu, the Managing Director and Chief Executive Officer of CCETC, Di Xiaohui, and their respective delegations at the Government House.
According to a statement issued by the Governor's Chief Press Secretary, Patrick Ebojele, the state secured the equity stake by providing land for the project and creating a conducive environment for the investment.
Governor Okpebholo explained that although the state would not contribute financially to the project, it insisted on becoming an equity partner instead of merely allocating land to the investors.
"Edo State does not have the money to invest in this power plant. But we have land, and we will provide security to ensure that your business thrives.
"I also told them that we cannot just give them our land; we have to be part owners too. They agreed to consider 10 per cent equity. That is the agreement we are going to sign today," the governor said.
He noted that the partnership would enable the state to enjoy multiple benefits, including improved electricity supply, revenue generation and employment opportunities for Edo residents.
"I am happy with this development. One, we will now have light. Two, we will also have a stake in the project. Not just a stake, we will also be receiving revenue from it. Our own children will also be employed by them. To me, this is more than enough," he added.
Okpebholo disclosed that the proposed 100MW power plant is expected to commence operations by November.
He also said his administration has adopted a policy that encourages investors to work directly with the Edo State Government rather than private individuals, a strategy aimed at protecting public interest and ensuring greater accountability.
The governor further revealed plans to establish additional power plants in Edo Central and Edo North Senatorial Districts to strengthen electricity supply across the state.
Speaking earlier, the Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Olusegun Alebiosu, reaffirmed the bank's commitment to supporting investments capable of driving economic growth and development in Edo State.
He disclosed that CCETC already operates a 15-megawatt power plant in the state and is currently developing the proposed 100-megawatt facility in Ologbo as part of efforts to promote industrialisation and economic transformation.
"We know that CCETC has a 15-megawatt power plant in the state, and they are also building a 100-megawatt power plant as part of what we believe will be a strong economic development and transformation initiative for Edo State," Alebiosu said.
The proposed project comes as several state governments continue to take advantage of the amended Electricity Act 2023, which decentralised electricity generation, transmission and distribution by empowering states to establish and regulate their own electricity markets.
Since the amendment of the law, a number of states have launched independent power projects aimed at improving electricity supply, attracting investment and supporting industrial development.
ADEOLA KUNLE
No comments:
Post a Comment