Edo State secures 10% equity in proposed 100MW power project

The Edo State Government has secured a 10% equity stake in a proposed 100-megawatt power plant to be built in Ologbo, a move Governor Monday Okpebholo says will benefit the state through revenue generation, job creation, and improved electricity supply. The government will not make a direct financial investment, instead contributing land and an enabling environment in exchange for the equity.

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Edo State does not have the money to invest in this power plant. But we have land, and we will provide security to ensure that your business thrives.

Governor Okpebholo emphasized that the state's contribution is not merely land provision but a partnership. "I also told them that we can not just give them our land; we have to be part owners too. They agreed to consider 10 per cent equity. That is the agreement we are going to sign today," he stated. He expressed satisfaction with the deal, highlighting the prospect of reliable electricity, a stake in the project, and employment opportunities for residents.

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I also told them that we can not just give them our land; we have to be part owners too. They agreed to consider 10 per cent equity. That is the agreement we are going to sign today.

The power plant is anticipated to be operational by November. Governor Okpebholo also revealed his administration's policy to encourage direct partnerships with the state government for investments, aiming to safeguard public interest and enhance accountability. Plans are also underway to establish additional power plants in Edo Central and Edo North senatorial districts to bolster electricity supply across the state.

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I am happy with this development. One, we will now have light. Two, we will also have a stake in the project. Not just a stake, we will also be receiving revenue from it. Our own children will also be employed by them. To me, this is more than enough.

First Bank of Nigeria Limited's Managing Director, Olusegun Alebiosu, affirmed the bank's commitment to supporting investments that drive economic transformation in Edo State. He noted that CCETC, the project's developer, already operates a 15MW plant in the state and is constructing the new 100MW facility to foster industrialization and economic development.

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We know that CCETC has a 15-megawatt power plant in the state, and they are also building a 100-megawatt power plant as part of what we believe will be a strong economic development and transformation initiative for Edo State.