Ondo State Government of Nigeria and Kingline Development Company (Korea), have signed a partnership agreement to deliver a 1100 MW Independent Power plant Project, IPP. The first phase of the multi- phased project involves the construction of a gas-fired power plant that will generate 550 MW of power that will be sold into the national grid. It is valued at UD$ 500mn.
The Chief Business Development Officer, Kingline Development Limited, Mr. Akinnola Fola, who disclosed this at a press briefing in Abuja, Nigeria’s capital, said the project would transform the state and make it an industrial hub. According to him, the project, named Kingline Ondo IPP, is to be situated at the Ondo State International Industrial Park, Omotoso.
The power project would be operated using the Public Private Partnership (PPP) module and aimed to generate 500mW in this first phase. A subsequent second phase would bring mW output to 1000mW.
The Ondo State Government had contributed a total land area of 250 acres to the project as the Nigerian Bulk Electricity Trading PLC had shared the draft Power Purchase Agreement for the project and awaits signage, while Kingline’s CEO said documents for its signange are being put together.
The planned project achieved a crucial milestone recently with the signing of the Engineering, Procurement and Construction, EPC, contract with the international engineering and construction company. Ondo state government is said to have a tangible equity stake in the power generation project.
Ondo State in Nigeria was created on 3 February 1976 from the former Western State. It originally included what is now Ekiti State, which was split off in 1996. Akure is the state capital. Each state in Nigeria have different ministerial offices representing the federal offices in each state.
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