KUNLE KALEJAYE 18 August 2014, Sweetcrude, Lagos – The Nigeria National Petroleum Corporation, NNPC’s, oil refinery in Port Harcourt has received three 25 megawatts trailer mounted aeroderivative mobile gas turbines to supply it uninterrupted power.
Before now, erratic power supply had forced the Port Harcourt refinery to reduced it refining capacity to 30 percent of its total maximum capacity of 210,000 barrels per day.
The installation of the mobile gas turbine at the refinery site by GEL Limited will help overcome constant power outage and return it to full operational capacity.
It could be recalled that Genesis Electricity Limited, an independent power producer and one of the owners of GEL Utility Limited, signed a 20-year power purchase agreement with NNPC in November 2013 for the installation of GE’s TM2500+ units at the 49-year-old refinery.
The gas turbines will provide both the base-load and back-up power to support refinery operations.
The agreement also includes the future modernisation of Nigeria’s other two refineries.
GE, through its Sales and Project Finance, S&PF group, acted as a catalyst and differentiator to take the project post execution of the power purchase agreement with NNPC to financial close. GE S&PF worked with GEL Utility Ltd, Genesis, Engro Powergen Ltd, one of the equity holders and other project participants to structure and arrange the project’s equity, senior and sub-debt.
The agreement is believed to be the first-ever non-recourse project financing for power plants in Nigeria.
“We are excited to work with GE to deploy their proven TM2500+ gas turbine technology and help Nigeria successfully return the Port Harcourt refinery to full service as quickly as possible,” said Akinwole Omoboriowo, CEO of Genesis Electricity Limited.