Federal Govt, Firm Sign 550MW Power Purchase Agreement
The Federal Government took the quest for sufficient electricity supply in Nigeria a step further with the signing of a Power Purchase Agreement (PPA) with Kingline Development Nigeria Limited, a new power generation company with Nigerian and South Korean interests.
The signing of the agreement is expected to lead to the addition of 550 megawatts of electricity into the national grid at the completion of the power project to be located in Ondo State.
Dr Marilyn Amobi, the Managing Director of the Nigerian Bulk Electricity Trading Plc, signed the PPA on behalf of the federal government, while the Managing Director of Kingline Development Limited, Mr Akinnola Fola, signed on behalf of the company.
Amobi expressed delight at the prospect of increased electricity supply, which the PPA signing represented and urged the company to move quickly to complete the project.
According to her, “For the NBET and for Nigeria, it is a welcome development. It confirms our quest for power generation and government’s commitment to ensuring that all the structures that are required to attract and make our investors comfortable are on the ground.
She added, “At the NBET, we are working assiduously every day to see that people who have to sign the PPAs, the agencies they have to interact with and conditions they have to develop their projects are as expected.”