The Minister of Power Works and Housing, Mr
Babatunde Fashola, has assured local investors of the government’s readiness to
support prospective investors in the power sector.
Fashola gave the assurance on Monday during the
commissioning of 115 Megawatt Gas Turbine 15 at Transcorp Power Company,
Ughelli in Delta.
The minister said gas
was essential to power generation and urged stakeholders in the Niger Delta to
sustain the peace already returning to the once volatile region.
“This current administration
is willing to support local investors who are putting their resources into the
power sector.
“While we are looking
for foreign investors, the President Muhammadu Buhari’s administration
understands that the local investor is the most dependable investor.
“The local investor is
not going to run when the ship hits stormy waters and it is their continuity
and commitment to continue to invest that really dignifies the Nigerian
economy.
“To the Transcorps
groups and other local investors, the Buhari administration heard you loud and
clear.
” We are dealing with
the challenges of solving the issues that you face one after the other. One of
them as you have referred to is the payment assurance scheme that has now been
put in place.
“The power that you now
produced will be paid for every day you put it on the grid. That is what that
funding is for.
“You have acknowledged
the appointment of a new Managing Director of Transmission Company of Nigeria
(TCN).
“It is because we know
that when you produce the power, unless we want to lose it, it must quickly
transport it and that is the reason TCN is being reformed,” he said.
Responding, the
Chairman of Transcorp Power Company, Mr Tony Elumelu, urged government to
assist investors in the power sector to deliver on their goals to the consumers
by making funds meant for them available.
“The new Gas Turbine
15 also comes with 33 per cent simple cycle efficiency.
“With the successful
commissioning and synchronizing of the turbine to the national grid, it has
increased the available capacity of our plant from 160 MW (at the time of
takeover on Nov. 1, 2013) to 620MW.
He said the corporate
goal of the company was to increase its available capacity to 850 MW before the
end of the year.
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