13 July 2015, Lagos – Geometric Power Plc has been joined by Afrigem Integrated Utilities Limited to inaugurate and expand the capacity of the 141-megawatt Aba power plant.
The plant, which is regarded as Nigeria’s first indigenous integrated power project, is to be inaugurated in November, according to a statement on Sunday.
The statement noted that Diamond Bank Plc had on July 3 hosted the signing of a transaction implementation agreement between the sponsors and creditors of the Aba IPP and Afrigem Integrated Utilities Limited for additional equity investment and total capital restructuring of the project.
Afrigem Utilities had articulated a three-year value creation programme to inaugurate the plant by November this year and increase the capacity from 141MW to 341MW by 2018, the statement added.
Afrigem Utilities is a West African-focused development and investment company with a 720MW pipeline of energy solutions project in the region.
According to the statement, for the N15bn investment in Geometric Power Aba Limited and the APL Electric Limited, Afrigem assembled a consortium of technical and financial partners such as General Electric, Tuten Limited and the NCL Limited for technical services.