BusinessDay

A/Ibom, African Delta Power sign 732mw deal for Ibom power plant

Akwa Ibom State has signed a power production agreement with African Delta Power Limited for the generation of 366 megawatts of electricity for Ibom power plant located in Ikot Abasi local government of the state.

The company currently has an on-grid licence for 685MW but generates 191MW of electricity.

Uko Udom, the attorney-general and commissioner for justice, board chairman of Ibom Power, Etido Inyang and secretary to the company, Ime Asibong signed for Ibom Power, while Jemeriah Oluwaseun and Christabel Nwagum, the chief executive officer of African Delta and secretary respectively signed on behalf African Delta Power.

At the ceremony held in the office of the secretary to Akwa Ibom State Government, Emmanuel Ekuwem, it was explained that the proposed power plant will be developed as part of the phase 2 of the Ibom Power Plant.

According to Ekuwem, the agreement is “not a memorandum of understanding (MOU) but a step further, adding that the proposed power project is under the ‘Power for All’ initiative of the state government which he said was inaugurated about two years ago by the Vice President Yemi Osinbajo.

Ekuwem urged the investors to follow up the agreement by living up to the letters as enshrined in the terms of the contract and speed up the processes while abiding by the roadmap agreed to by the government.

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Speaking also, Etido Inyang, chairman of the Ibom Power said the first phase of the project was already operational with an installed capacity of 191megawatts.

He said Ibom Power has a licence to generate 685 megawatts of power which the proposed power plant will leverage on.

“They are coming in with their first phase of 366 megawatts with plans to expand to 732 megawatts which we will get an additional license to support,” he said

Giving further insights, the board chairman revealed that the company has received bids from several investors that had shown firm interest to partner Ibom Power for its phase 2 but African Delta Power has proven to be ‘outstanding’.

“Their technical partners have been supportive and we have seen the turbines that are coming in. We have seen that they have evidence of funding that will be deployed in the installation of these turbines and they are going to commence ground-breaking within the first week of June,” he said.

Managing director of Ibom Power, Meyen Etukudo expressed satisfaction with the deal and described it as ‘mutually rewarding’ for both parties with great prospects for the future.

Phase 2 of Ibom power, according to him, will ensure the company continues to break more frontiers.

On how the project will be implemented within the stipulated nine months period, the CEO, African Delta Power, Jeremiah Oluwaseun said most of the turbines and the systems have been prefabricated to be deployed with their foreign technical partners from the United States.

“Once a few other things are put in place, this equipment will be shipped in, in phases for onward installation here”.

He added that Akwa Ibom was selected for the project because the state has the prerequisites for the project.

“Akwa Ibom State ‘has the gas, a welcoming environment, good partners and a state government that is willing to go ahead with the project,” he said.

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