Oando Plc has said that it has secured federal government’s approval to build a 500Mega Watts (Mw) power plant in Kwale, Delta State that will cater for additional 20 per cent of the nation’s power needs, Vanguard reports.
This, according to the company, is in addition to an existing stand-by 500MW power plant in Kwale that supplies power to the nation in case of any national shut down. The company also said that it plans to diversify its market and increase its presence in the Southern and East African regions, adding that it would undertake capital increase during the year.
Addressing stockbrokers at the company’s Facts Behind Figures (FBF) presentation at the Nigerian Stock Exchange (NSE) the Group Chief Executive Officer, Oando Plc, Mr. Wale Tinubu, noted the company also has approval to develop a direct 22 KV line to Enugu, and assured that the projects would be delivered by Q1, 2019. “The logic is that there will be additional 20 per cent power for the country,” he said.