Edo secures 10% equity in 100MW power plant, eyes revenue growth

Edo State Government has secured a 10% equity stake in a proposed 100-megawatt power plant in Ologbo in a move expected to strengthen the State’s revenue base, create jobs and improve electricity supply for residents and businesses.

The development signals a strategic shift in Edo’s investment approach with the State moving beyond its traditional role of providing land and regulatory support to becoming a direct stakeholder in critical infrastructure projects.

Governor Monday Okpebholo disclosed the arrangement during a meeting with Executives of First Bank of Nigeria and CCETC in Benin City, describing the deal as a long-term economic investment designed to deliver sustainable benefits to the state.

According to the governor, Edo secured the equity stake without making a direct financial contribution to the project. Instead, the state leveraged its strategic assets, including land provision and the creation of a secure and enabling business environment, to negotiate ownership participation.

“Edo State does not have the money to invest in this power plant, but we have land and we will provide security to ensure the business succeeds”, Governor Okpebholo said.

He said the agreement represents a departure from previous arrangements in which government involvement was largely limited to facilitating investment, adding that his administration insisted on becoming a stakeholder rather than merely allocating land for private development.

Industry analysts say the equity arrangement could provide Edo with recurring revenue streams from future operations while positioning the state to benefit from increased industrial activity expected around the power infrastructure.

Beyond financial returns, the state government expects the project to generate employment opportunities and support wider economic growth.

Improved electricity supply is also expected to boost business productivity, reduce dependence on alternative energy sources and attract fresh investment into the state.

Governor Okpebholo said the State stands to benefit on several fronts from the arrangement.

“We will have electricity, we will have ownership in the project, we will receive revenue and our people will benefit from employment opportunities,” he said.

The 100MW facility, expected to commence operations by November, forms part of Edo’s broader strategy to strengthen power infrastructure and accelerate economic development.

The governor also disclosed plans to decentralise electricity generation through additional power projects in Edo Central and Edo North Senatorial Districts as part of efforts to expand access to energy and support economic activity across the State.