Fidelity Bank supports FG’s power reforms

Fidelity-BankFidelity Bank Plc has said it will continue to support the federal government’s power sector reforms by being actively involved in the financing of various Independent Power Projects (IPPs) in the country.

The bank said the decision came out of the realisation that millions of lives were usually touched by the success of any power project.

The Managing Director and Chief Executive Officer of the bank, Mr. Reginald Ihejiahi, while speaking at the inauguration of the 10.4-megawatt Alausa IPP that was solely financed by the bank.

According to Ihejiahi, “It is not an easy thing to raise capital to work with government. However, we are happy to finance the Alausa Independent Power Project.”

Ihejiahi also noted the Alausa IPP is the third of such Independent Power Projects financed by the bank, coming on the heels of the Akute and Island power projects.

“This is not the first time we are financing a power project. We worked with Oando, we participated in the Akute power project”, adding that the bank is ready to work with reputable organisations to finance more power project essentially because these projects touch on people’s lives.

The Alausa Power Plant will provide power for vital Lagos State government facilities like the Governor’s Office, State House of Assembly, State Secretariat Complex, Street lights in the Alausa area and other Government buildings. This effectively decommissions 120 (30kVA) diesel generators that aggregates to about 30mw of inefficient power, loss of power, accountability, diesel and transport costs.

 

Information from This Day was used in this report.

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