An electricity investment firm, Bresson AS Limited, has announced that a total sum of $10m (N1.6bn) has been invested in its 90 megawatts Magboro power plant along the Lagos-Ibadan Expressway, Ogun State.
It said another $90m (N14.4bn) would be invested in the plant to complete the project.
The Chairman, Bresson AS Limited, Mr. Gbenga Olawepo, disclosed this in Abuja when he led a delegation to the Minister of Power, Prof. Chinedu Nebo.
Olawepo stated that the firm’s 90mw plant had a configuration of two units of GE LM 600.
He explained that in 2004, the firm received the approval of the Federal Government to sell electricity to consumers and expressed hope that it would be inaugurated in the first quarter of 2014.
The Brasson boss stated that his firm would support the ongoing transformation in the power sector, adding that the privatisation of electricity distribution and generation companies had recorded commendable success.
“Tremendous progress has been made by the Federal Government in the implementation of the electricity sector reform programme with the successful privatisation of some DISCOs and GENCOs,” he said.
Olawepo said if the current momentum was sustained, power outage would be a thing of the past in Nigeria.
He said the reform rested on privatisation of operation of existing companies and the promotion of Independent Power Generation through green field Independent Power Plants.
“We need to see more support for the IPPs to come on stream. They are the ones that are bringing additional capacities,” Olawepo said.
“At Bresson AS, power generation is not just business but a passion driven by the realisation that making power available makes industries and jobs to spring up, it makes poverty disappear and engenders sustainable development,” he added.
Information from Punch was used in this report