[Nigeria] Ondo State Govt Partners Korean Firm to Boost Power Supply
The Ondo State Government has reached a contractual agreement for the construction of a 1050 megawatt (mw) independent power project (IPP) with a South Korea firm, POSCO E&C.
The agreement for an engineering, procurement and construction (EPC) contract for the first phase of the state’s proposed 1050mw IPP was recently sealed through partnership with the firm’s Nigerian subsidiary, Kingline Development Company.
The first phase of the project involves the construction of a gas-fired power plant for the generation of 550mw which would be sold into the national grid while the second phase of the project is expected to add another 500mw to the grid network.
The agreement requires the firm to see to the design, engineering, procurement, construction, commissioning and testing of the 550mw open cycle gas turbine power plant to be located in Ondo State.
The firm stated that the actual construction is expected to commence in the first quarter 2016 and is expected to take about 26 months from commencement and date of issuing the notice to proceed (NTP) for the construction to be completed.
Speaking to journalists in Abuja, the head of Kingline Development in Nigeria, Akinnola Fola, informed that funding had been secured for the project, adding that the EPC contract was recently signed at POSCO E&C’s headquarters in Seoul, South Korea.
Giving more insights into the project, Fola explained that a Certificate of Occupancy (CofO) has already been issued for the project by the Ondo State Government even as an Environmental Impact Assessment (EIA) panel review has been done.
