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PEOPLES DAILY, TUESDAY, MAY 6, 2014
Energy
IPPs: Azura signs $750m contracts to build 450mw in Edo No KEDC/ By Etuka Sunday
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zura Power Holdings Ltd. yesterday signed a $750 million contract and debt financing of a 450MW gas turbine electricity project under the Independent Power Projects, IPPs. Financing of the project to be sited on the outskirts of Benin in Edo state involves $220 million of equity and $530 million of debt from a consortium of local and international financiers which Seplat Petroleum Development Company is partnering with NNPC to supply the project with gas requirement. They said their companies are building the leading power development company in West Africa with the intention of creating a multi-asset indigenous power generation company.
Azura is owned by Amaya Capital Limited and American Capital Energy and Infrastructure and other sponsors contributing equity to the project,. According to them, Azura Power Holdings Ltd, Azura” or the “Company, announced today that it has completed the signing of the key industry contracts and confirmation on the debt financing of its flagship 450MW Azura-Edo Independent Power Project,Azura-Edo IPPI, in Edo State, Nigeria. “The US$750 million on transaction is the first of a new wave of project-financed greenfield IPPs currently being developed in Nigeria. “The financing of the AzuraEdo IPP involves US$220 million of equity and US$530 million of debt from a consortium of local and international financiers. The
announcement was made at a formal signing ceremony to mark the conclusion of the key project and financing agreements that form part of the wider transaction. “The event also showcased the US$300 million investment being made by Seplat Petroleum Development Company PLC “Seplat” in new gas processing facilities at its Oben Gas Plant, which, as part of Seplat’s joint venture with the Nigerian Petroleum Development Company, will supply the AzuraEdo IPP with the project’s fuel gas requirements. “In total, the investments by Azura and Seplat constitute over a $1 billion of local and international financing into the Nigerian gas and power sector. The Federal Government of Nigeria was also involved in signing
the Grid Connection Agreement with the Gas Transporation Agreement to follow shortly. The Azura-Edo IPP is also the first Nigerian power project to benefit from the World Bank’s ‘Partial Risk Guarantee’ structure, specifically created to meet the developing needs of emerging markets world-wide, and political risk insurance for equity and commercial debt from the Multilateral Investment Guarantee Agency, also part of the World Bank group. The Azura-Edo IPP comprises a 450MW open cycle gas turbine power station; a short transmission line connecting the power plant to a local substation and a short underground gas pipeline connecting the power plant to the country’s main gassupply. It represents the first phase of a 1, 500MW power plant facility.
L-R: CEO, Oando Exploration and Production Ltd, Pade Durotoye, GMD/CEO, UBA Plc, Phillips Oduoza, Senior Adviser, Dalberg Consulting, Jonathan Berman, Chairman, De Beers Consolidated Mines, South Africa, Barend Petersen, and Chairman and Founder Citadel Capital, Egypt, Ahmed Heikal, during the Milken Institute Global Conference on Pan African Business, recently in Los Angeles, California, United States of America.
BASG expended N260m on 80 transformers From Ahmed Kaigama, Bauchi
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n its effort to improve power supply among various communities in the state the Bauchi State Government has earmarked over N260million for the supply of 80 transformers of various capacities The state Commissioner of Power and Energy Barrister Yakubu Bello Kirfi yesterday while speaking after inspecting the arrival of first
batch of the transformers in the state. According to him, the transformers ordered by the state government is meant for distribution to various communities identified by the ministry for electrification across the state, saying that about 31 new transformers of various capacities ranging from 300/33 and 300/11KVA as well as two 500KVA/33 have been supplied to
the ministry while the remaining will be supplied in due course. Bello Kirfi reiterated the determination of the state government to improve power supply in the state especially actualization of the Yankari Power project. The Power Commissioner said already two teams of Chinese experts were in the state to inspect the road including culverts,
and all bridges from Lagos to Abuja and Abuja to Bauchi preparatory to bringing heavy equipment for the Bauchi power project plant. Kirfi assured that very soon the contractors will start transporting the turbines/equipment from Lagos to project site in Gudum village in Bauchi town which is the site identified by the state government for the construction of the Yankari Power Project.
Abuja Disco to engage 2,265 former PHCN employees By Etuka Sunday
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he management of Abuja Electricity Distribution Company (AEDC) said it has engaged the services of 2,265 workers of the former Power Holding Company of Nigeria (PHCN) in order to reposition and strengthen the operational needs of the company. This, it said was due to the expiration of the six months employment contracts offered to PHCN as part of the agreement reached with labour unions at the time of hand over to the private
….As six months contracts agreement expires sector in November 2013. A statement by the Head public Relations, Abuja Electricity Distribution Company, Patience Toyo said “in pursuit of these objectives, the company engaged human resources and change consultants to carry out a comprehensive and professional skills assessment of the company by interviewing of all staff. This exercise necessitated the consideration of 2,265 staff which would be issued with letters of
appointment.” The statement said, in general terms, staff that have been retained had proven track records with regards to their credentials, skills or qualifications for their assigned job and performance. Management of AEDC is optimistic that the staff it has offered employment to would help secure the viability and success of the organization in meeting the goals of its establishment. There are prospects to recruit more staff in certain key areas where
specialist skills are required and more also, there are provisions fortraining of staff to ensure continued alignment between staff skills and organizational goals. Commenting on the development, the Managing Director/CEO of Abuja Electricity Distribution Company, Mr Neil Croucher said “we are glad to offer employment to most of the former (PHCN) staff in our new organization, we appreciate the cooperation, we have enjoyed from all the workers during these six months of transition and we are happy to be embarking on this journey going forward”.
PHCN Staff Will Be Severed Unless Fully Paid EntitlementMD/CEO From Femi Oyelola, Kaduna
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he Managing Director (MD) Chief Executive Officer (CEO) Kaduna Electricity Distribution Company (KEDC) Mallam Mohammed Idris has assured that no staff of the company will be severed unless such worker is completely paid its entitlement completely. He said, it doesn’t matter how long it takes all staff will be paid their severance according, while urging workers to be up and doing in the discharge of the responsibilities. The MD/ CEO disclosed this during an occasion organized by the Nigerian Union of Electricity Employee (NUEE) Kawo Business Unit comprising of Kawo, Birnin Gwari and Jaji to mark the workers day and award their members who have distinguished themselves. Mall Idris who expressed delight with the initiative of the Kawo business unit to recognize to members who have distinguished themselves urged other business units to emulate them as a way of boosting the morales of union members. The MD/CEO who was also an awardees at the occasion said, “no staff under KEDC will be served severance letter if such worker is not fully paid, it doesn’t matter how long it takes, everybody will be paid their severance accordingly” he assured. He further disclosed that when he took over the mantle of leadership of the KEDC, the Revenue Generation was about 700 million naira but that the Revenue Generation as at when he was speaking is about 1.2 billion naira monthly. He attributed the successes to the collective efforts of the workers, just as he said prior to assumption, Kaduna used to be a crisis zone particularly with the union, but that has been stabilized as issues are always amicably resolved at the board room. Meanwhile, he encouraged workers to be prepared to face the reality of work, saying it is not going to be business as usual under a private led business where there will be no room for laziness of any kind.