Notore Power Limited (Notore Power), an indigenous independent power producer, has signed a Joint Development Agreement with ContourGlobal to develop, construct, finance and operate a gas-fired power station.
The power plant, which will be located at its existing facility at the Notore Industrial Complex in Onne, Rivers State, Nigeria, will have an available capacity of 500 megawatts.
A statement from Notore on Thursday, said that the plan is to sell the electricity generated by the plant to the Nigerian Bulk Electricity Trading Plc.
It added that the signing took place recently at the Presidential Power Reform Transactions Signing Ceremony hosted by President Goodluck Jonathan at the Presidential Villa in Abuja. ContourGlobal is an international power generation company with power generating assets of more than 3000 MW in operations or under construction in 15 countries on four continents.
The statement added ContourGlobal’s deep experience with projects in Africa will be further demonstrated during the execution of the joint development agreement with Notore Power.
The Chief Executive Officer and Managing Director of Notore Power, Mr. Femi Solebo, expressed delight at the official commencement of the project through the signing ceremony.
He said, “We are delighted at today’s event. This marks the commencement of change in Nigeria. We are committed to enhancing the quality of lives of Nigerians and electrical power is definitely of serious need in our nation today.
“We are happy to be partnering with ContourGlobal, a world-acclaimed and trusted organisation and we are confident that this project would be delivered as promised”.
On his part, the President and Chief Executive Officer of ContourGlobal, Mr. Joseph Brandt, said “ContourGlobal has always given special consideration to Africa since its creation in 2006.
Our plants in Togo, Rwanda, Nigeria and lately Senegal are testimony to it.
“Nigeria may well have the highest potential, and the highest needs for new power generation in the continent, and we are extremely excited to contribute. We have found with Notore Power a strong and ambitious partner, and we believe a powerful fit.”
The statement explained that the project would involve the construction of a 500MW gas-fired power plant and is expected to be completed in the third quarter of 2016.
It will increase national power generation capacity and will directly contribute to the Federal Government of Nigeria’s commitment to improve power supply within the nation.