Akwa Ibom State Government has concluded arrangement for the establishment of a new electricity generating company, Qua Iboe Power Plant Ltd. Governor Udom Emmanuel made this known while fielding questions from Government House Correspondents shortly after a meeting at his office with the investors on the power plant project.
The project, governor Udom said is to be cited at Qua Iboe Onshore Terminal in Ibeno Local Government Area, and would be operated under a Public Private Partnership Agreement (PPPA) with the Nigerian National Petroleum Corporation (NNPC) joint venture with Dangote Group, BlackRhino, African Development Bank, International Finance Consortium (IFC) with the Islamic Development Bank as financiers of the project.
Founder and CEO BlackRhino, Mr. Brian Herlihy, explained that the power plant project has a portfolio of more than one billion dollars in partnership with BlackRhino, Dangote Group and NNPC. He further explained that the company would build a 570 Mega watts Gas fire Power Plant using a Combined Cycle Technology with General Electric equipment and world-class expertise, which would utilise onshore and offshore gas for its operations to enhance the growth of other industries in the value chain.
Source: The Guardian