Kano State To Establish 1st State Owned Bulk Electricity Trading Company

Kano State To Establish 1st State Owned Bulk Electricity Trading Company

FG Approves Kano State’s Investment In Qua Iboe Power Plant Project

The Minister of Finance, Mrs Zainab Ahmed has reiterated the Federal Government’s support for Kano State government’s proposal to invest in the 540 megawatt Qua Iboe Power Plant (QIPP) located in Akwa Ibom state.

According to a statement by her Special Adviser on Media and Communications, Mr Paul Abechi, Ahmed gave the Federal Government’s assurance when she received Gov. Abdullahi Ganduje of Kano State in Abuja.

But seriously, apart from Gandollar, I think this governor is really putting a good project through in Kano. But I wish more improvement are been done in the health and the malnutrition crises been reported among children.

— Sean Curtis (@RealSeanCurtis) January 8, 2019

But seriously, apart from Gandollar, I think this governor is really putting a good project through in Kano. But I wish more improvement are been done in the health and the malnutrition crises been reported among children.

— Sean Curtis (@RealSeanCurtis) January 8, 2019

https://platform.twitter.com/widgets.js

Ahmed said that the project would improve the industrialisation plan, growth and employment generation for the state.

@ZShamsuna it is not a matter of if, but when, the Qua Iboe Power Plant (QIPP) will take off as she has confidence in the partnerships involved. She added that any opportunity, such as this, to fill the huge power gap in Nigeria, will not be left to slip. pic.twitter.com/ay2nlLyaHS

— Ministry of Finance (@FinMinNigeria) January 8, 2019

The governor said the visit was a follow up to a letter he recently sent to the Minister of Finance highlighting the understanding reached with other partners in the project.

According him, QIPP had secured firm commitment of equity funding of 350 million dollars from Globeleq and project Finance of 850 million dollars from IFC, OPiC and AfDB.

The letter reads in part, “This funding is conditional upon the guarantee of your Ministry for a power purchase agreement (PPA) to be executed between QIPP and the Nigeria Bulk Electricity Trading Company (NBET).

Exxon-Mobil is also prepared to commit about 500 million dollars to build a gas pipeline from its deep off-shore platforms to supply the gas needed for QIPP to operate.

“The total Foreign Direct Investment (FDI) for this project amount to 1.7 billion dollars.

“QIPP has also assumed completion risk of a transmission line from Ikot-Abasi to Ikot-Ekpene in order to ensure supply of power to the national grid.

“The Transmission Company of Nigeria (TCN) has given firm assurance that, once power is delivered to Ikot Ekpene, TCN will be able to deliver an equivalent amount of power to Kano on a binding contractual basis for a fee.

“We further understand that, the country is at risk of losing this huge investment of 1.7 billion dollars.

“This is because of the reluctance of the Federal Government to assume additional unhedged financial risk on the power sector given the current experience with Azuru and other players,” it said.

Recall the meeting of Minister @ZShamsuna with Black Rhino Group led by the Emir of Kano on the Qua Iboe Power Plant and PPP arrangements. Kano State Government has expressed interest in purchasing the electricity generated by QIPP. https://t.co/J57zpyFe1H pic.twitter.com/GJifekFUvi

— Ministry of Finance (@FinMinNigeria) January 8, 2019

Copyright Naija News 2018. All rights reserved. You may only share Naija News content using our sharing buttons. Send all news and press releases to [email protected].

A Passionate Media professional who has a penchant for creative writing. he loves watching Movies, Playing Games and sight seeing.

Source link

Hits: 0

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Comments

0 comments

Naija News – Nigeria News

Boko Haram: Army Blocks Maiduguri-Damaturu-Potiskum Expressway

This Very funny Mark Angel Comedy that will make you laugh out loud, Success is a clown

This Very funny Mark Angel Comedy that will make you laugh out loud, Success is a clown