The 500 megawatts power project of Bresson Nigeria Limited, which is being supported by General Electric, will commence operation by the second quarter of next year.
The project, which has already received commendation from the Federal Government, is expected contribute about 10 per cent of electricity to the national grid.
This is expected to reduce the epileptic power supply currently being experienced in the country due to gas shortage, vandalism of critical electricity facilities, including gas pipelines, and sabotage.
The Managing Director Gaspower Systems, GE, Mr. Mohammed Mijindadi, said when a delegation of investors in the project met with Vice President Yomi Osinbajo that the challenges being faced by the power sector had made the project to become a priority.
He said in a bid to ensure that the project was completed within the stipulated time, the financing had been effectively structured.
“The project has tremendous economic value, and that is why GE Capital is involved in structuring finances for Bresson’s 500MW project,” Mijindadi stated.
The Chairman, Bresson Nigeria Limited, Mr. Gbenga Olawepo-Hashim, assured the VP that the power to be generated would come from the company’s Magboro power plant in Ogun State.
Olawepo commended the Federal Government for removing the bottlenecks associated with signing of power purchase agreements in the country, adding that the approval for the project was given without delay.
Osinbajo told the team of investors that the administration was committed to removing all bottlenecks hindering investors in the power sector.
He commended Bresson for the integrated nature of its power projects by developing a model of fuel sufficiency through its investment in gas production.
The vice president stated that the administration was working to ensure regular supply of gas to the power plants, adding that efforts were on to attract investment into the sector.
–punchng