Tola Talabi, MD/Co-CEO of Elektron, has said that the financial mobilisation from ARM-Harith made it possible for the Elektron’s partnership with Oyo State Government to be able to deliver a 11MW Hybrid Power Plant in Ibadan, Oyo State Capital recently.
Talabi, while explaining that with the independent power project that serves Public Utilities and Government Secretariat when fully installed will eradicate blackout in the City, expressed gratitude for ARM-Harith’s pivotal role in bringing the project to fruition.
“We are thrilled to celebrate the completion of Phase 1 of this groundbreaking project. ARMIF’s commitment to financing initiatives that align with global sustainability goals has been instrumental in delivering essential infrastructure to communities.
“This (Ibadan Power) plant exemplifies the power of public-private collaboration to drive development, address critical energy needs, and stimulate economic growth”, he said.
Recall that Governor Seyi Makinde of Oyo State officially inaugurated Phase 1 of the 11MW Ibadan Hybrid Power Plant recently, delivering an initial 5MW of power. The transformative energy project was co-funded by ARM-Harith Infrastructure Fund (ARMIF).
BusinessDay reports that the landmark initiative was made possible through ARMIF’s 2022 investment of $18.5 million in Elektron Power Infracom (EPI).
The funding has not only driven the development of the Ibadan Hybrid Power Plant but also advanced critical energy infrastructure projects across Nigeria. This reflects ARMIF’s commitment to fostering sustainable development and addressing energy gaps across Nigeria and the African continent.
The Ibadan Hybrid Power Plant integrates a 10 MW gas plant, 1 MW solar generation, and a 1 MWh Battery Energy Storage System (BESS). It is designed to provide stable and uninterrupted power to critical state infrastructure, including the Secretariat and the State House of Assembly.
By replacing over 60 diesel and petrol generators with a more efficient hybrid system, the plant will reduce CO₂ emissions by over 113,340 tonnes annually, while significantly lowering noise and environmental pollution.
Governor Seyi Makinde’s administration has been instrumental in the project’s success, ensuring an investor-friendly environment and priprioritising self-sufficiency for Oyo State.
At the recent inauguration, Governor Seyi Makinde said, “This project underscores our commitment to sustainable development and energy independence. By leveraging renewable sources, we align Oyo State with global efforts to combat climate change.
“With Oyo State receiving an average of 80 MW from the national grid, this project will, upon completion, increase the state’s electricity supply by 14%, significantly reducing its energy deficit and unlocking new opportunities for growth.”
Also speaking on the Power Project at the inauguration, Temilolu Ashamu, Commissioner for Energy and Mineral Resources, said, “This is a clear signal that Oyo State is prioritising green and renewable energy with a clear pathway to reducing the carbon emissions coming out of the state. Having passed our law for regulatory authority our vision is to foster more accessible, available and affordable solutions to the residents of Oyo State.”
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