Cross River’s $600m deal with Monitor Power Solutions to deliver 750MW of electricity

The government of Cross River State has sealed a $600 million deal with Monitor Power Solutions LLC for the provision of a 750-megawatts (MW) capacity Floating Power Generation Station.

The deal which was facilitated by Footprint to Africa, a business news resource and investment bridge company, involves the provision of 750MW of electricity power that will be delivered via a floating power vessel utilizing feedstock derived from Nigerian National Petroleum Corporation’s gas pipeline. The ship will be based on Calabar waters and is expected to be operational for an initial 15-year period.

Additionally, the solution involves temporary truck-based turbines that will be operational with a functional capacity of 40MW within six months by Siemens new aero-derivative model SGT-A45 TR gas turbine.

Alan Kessler, CEO, African Discovery Group, speaking on behalf of Monitor Power Solutions, LLC, said consistent electricity was vital to Nigeria as the country is projected to have a bigger population than that of the United States by the middle of this century.

Read Also: Cross River College of Health Technology embarks on strike over salary structure

“We are thrilled to be providing the people of Cross-River State an inexpensive, consistent, comprehensive power solution that will enhance their economic development for many generations to come,” said Kessler.

He appreciated Governor Ben Ayade for embracing this solution, thereby accelerating the industrial growth of Cross River State, adding that it would benefit not only the state but also Nigeria and the entire region encompassing Cameroon and Chad.

Osita Oparaugo, managing director, Footprint to Africa, who facilitated the investment, lauded Governor Ayade and the Cross River State Executive Council for their role towards industrialization of the state and the country by extension. He promised to use their platform to continue to attract genuine partnerships with investors who have an appetite for Nigeria.

“Looking at the kind of projects the state has embarked upon, I am convinced that the state is on the right track of becoming an investment destination of choice in Nigeria and Africa,” Oparaugo said.

Henry Ojinere, chairman, FWE Western Energy Limited, the utility power company that will manage the power station, promised that the company would ensure the smooth running of the facility with a competent team and a solid human resource base.

In his response, Governor Ayade said infrastructure was very central to his administration’s policy thrust and that the state has in stock a lot of incentives for investors, including huge market and market access to Cameroon and other West African countries, good governance, and assured security.

While expressing gratitude to the African Discovery Group CEO, the representative of Siemens, Ifedapo Adeniyi, and the managing director of Footprint to Africa for their confidence in the state, Governor Ayade thanked President Muhammadu Buhari for his express approval of and support towards the several projects embarked upon by the state, especially the superhighway and the Bakassi Deep Seaport.

He called on Nigerian, intra-African and global investors to look towards Cross River as the state is becoming not only home to tourists but also a leading destination for investors.