Edo secures 10% equity in 100MW power plant, says Okpebholo
...Project to commence operations in November
Edo State Governor, Senator Monday Okpebholo, has disclosed that his administration has secured a 10 per cent equity stake for the state in a proposed 100-megawatt power plant expected to commence operations in November.
The governor spoke while receiving the Managing Director/Chief Executive Officer of First Bank of Nigeria Limited, Mr. Olusegun Alebiosu, the Managing Director/Chief Executive Officer of CCETC, Mr. Di Xiaohui, and their respective delegations at the Government House in Benin City.
Okpebholo said the decision to negotiate an equity stake was informed by his administration's resolve to ensure that Edo State derives long-term economic benefits from the project beyond providing land for its development.
"I told them that we cannot just give them our land; we have to be part owners as well. They agreed to a 10 per cent equity stake, and that is the agreement we are going to sign today," the governor said.
He described the arrangement as a major milestone in the state's drive towards energy security and economic development.
"I am happy with this development. First, we will now have electricity. Secondly, Edo State will have a stake in the project. Beyond ownership, the state will earn revenue from the investment, while our youths will benefit from employment opportunities that the project will create. To me, this is a win-win situation," he added.
The governor also unveiled plans to decentralise power generation across the state through the establishment of additional power plants in Edo Central and Edo North Senatorial Districts.
According to him, the initiative is aimed at improving electricity supply, stimulating industrial growth and attracting more investments to the state.
The 100MW power plant is expected to become operational in November, with the state government expressing optimism that the project will significantly enhance power supply and accelerate socio-economic development in Edo State.