14 March 2016, Sweetcrude, Abuja – The global energy giant, General Electric, GE, has thrown its weight behind Bresson AS’s plan to provide 500 megawatts of electricity to the national grid by next year.
The Managing Director of Gaspower Systems, Mr. Mohammed Mijindadi, who disclosed this over the weekend during Bresson AS’s officials visit to Vice-President Yemi Osinbajo, in Abuja, added that financing the project is a priority.
“The project has tremendous economic value, and that is why GE Capital is involved in structuring finances for Bresson 500mw project,” Mijindadi said.
Earlier, Bresson Nigeria Limited Chairman, Mr. Gbenga Olawepo-Hashim, assured Vice President Osinbajo that the megawatts to be generated would come from Bresson Initiative and its Magboro power plant in Ogun State.
He said the capacity, which will be available in Phase 1 from the second quarter of 2017, would represent 10 percent of the national capacity.
Olawepo praised the administration for removing bottlenecks associated with signing of power purchase agreements, informing the Vice President that the Minister of Power approved the agreements without delay and without waiting to be lobbied.
Describing the new style of government performance as commendable, Olawepo-Hashim noted that the new development would attract more investors and fast track the administration’s efforts to provide adequate power supply to the citizenry.
In his address, the Vice President reiterated to the team of investors that the administration is committed to remove all bottlenecks hindering investor’s in the power sector, commending Bresson for the integrated nature of its power projects developing a model of fuel sufficiency by also investing in Gas Production.
Osinbajo assured the investors that “the administration is working to ensure regular supply of gas to the power plants and efforts are on to attract investment into this sector”.
He described Bresson’s integrated model in power generation as a good model noting that “we shall support you and other genuine investors with recognisable foot print but we shall monitor you closely to ensure you adhere to your schedule’’; he said.
The High Commissioner of Slovakia, the country where Bresson technical partners hail from, Mr. Peter Holasek, assured the vice president of the readiness of his country to support Nigeria in the power sector.
He described his country as a small nation but with huge technical capacity, which he said Nigeria can tap to address her technological needs.