From Daniel Peres, Minna
The epileptic power supply in Niger State may soon become a thing of the past, if a $300 million dollar private investment to boost power supply in the state sees the light of the day.
A UK based power investor, Remedy Earth, has proposed a $300 million investment in Niger state.
Representative of the company in Nigeria, Engr. Olusegun Koleola presented the proposal to the Chairman, Niger State Electricity Regulatory Commission (NSERC), Engr. Mohammed Sharu at the Commission’s office in Minna, the state capital on Wednesday.
The proposal include the Construction and Operation of a 50mw renewable Power Plant with a minimum life span of 40 years at 5.1% Internal Rate Return (IRR) and average annual return on Investment of $21.9 million Dollars.
Engr. Olusegun highlighted the benefits of the project to include promotion of sustainable power production and supply, improved quality of life of Nigerlites, promotion of industrialization, reduction of carbon footprint as well as improved State Internally Generated Revenue.
According to him, as soon as the government approvals and Memorandum of Understanding (MoU) are issued, it would take the company 12 calendar months to Construct and Install the power plant.
Responding, the Chairman Niger State Electricity Regulatory Commission (NSERC), Engr. Mohammed Sharu disclosed that the State Government under the leadership of Governor Umaru Mohammed Bago is providing enabling environment to all Investors in Power sector.
The Chairman frowned at the epileptic power supply by both Abuja Electricity Distribution Company AEDC and its Ibadan counterpart IBEDC saying that this has threatened the socio-economic development and Small and Medium businesses, hence, the establishment of State Electricity Regulatory Commission.