The government of Nigeria, through the Nigerian Bulk Electricity Trading Plc, has signed a Power Purchase Agreement (PPA) with Kingline Development Nigeria Limited for the power generated by the 550 MW power generation IPP project.
The project is the first phase of a 1100 MW power plant, which will be developed on a 250 acres plot secured as a contribution from Ondo State government.
The power plant will be operated using the public private partnership (PPP) module and is expected to generate about 550 MW in the first phase using simple-cycle with combined-cycle option. The
The total project investment for the phase I is estimated at US$500 million.
According to sources, Managing Director of the Nigerian Bulk Electricity Trading Plc Dr. Marilyn Amobi stated:
“For the NBET and for Nigeria, it is a welcome development. It confirms our quest for power generation and government’s commitment to ensuring that all the structures that are required to attract and make our investors comfortable are on the ground."
“At the NBET, we are working assiduously every day to see that people who have to si gn the PPAs, the agencies they have to interact with and conditions they have to develop their projects are as expected.”