Plans To Float N1.1bn IPP In A’Ibom Underway

Plans have been concluded to float a mega Independent Power Plant (IPP) in Akwa Ibom State in September this year.

The project expected to gulp N1.1 billion is to be sponsored by the management of Dangote group in league with BlackRhino, Nigerian National Petroleum Corporation (NNPC) and other consultants.

Representatives in the partnership met governor Udom Emmanuel at the weekend to formalise modalities for the commencement of the project to be located on the onshore platform of the Qua Iboe Terminal (QIT) at Ibeno local government area of the state.

ExxonMobil, operators of the QIT Oil terminal at Ibeno, is expected to work with the NNPC under the Joint Venture (JV) agreement to facilitate gas supply to the facility for optimum operation.

Mr. Brian Herlihy, Chief Executive Officer (CEO) and founder of the BlackRhino group said African Development Bank (ADB) and Islamic Bank (IB) are the major financiers of the mega project which on completion would generate no fewer than 12,000 jobs.

Herlihy expressed optimism that the project would be a mutually beneficial one, saying they were comfortable in investing in the project due to the governor’s track-records and commitment to infrastructural revolution in the State.

To facilitate prompt development and delivery, he explained that “a combined cycle technology in alliance with General Electric would be involved in the mega project.”

Governor Emmanuel speaking on the sideline of the meeting expressed delight at the gradual take-off of his administration’s industrial policy, assuring that the arrival of the power plant would complement the Independent Power Plant (IPP) at Ikot Abasi, to further boost government plans to change the civil service status of the State to an industrialised economy.

Emmanuel reiterated his administration commitment to full realisation of the project, and assured to guarantee security and cooperation of the host community.

“It is a project that has been in the pipeline over time and we are just at a point of realizing it. That is why you see us meeting and try to drop timelines on what we want to achieve within a short period,” he said.

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(Daily Trust)