Notore Power Limited (Notore Power), an indigenous independent power producer (IPP), has just signed a Joint Development Agreement with ContourGlobal to develop, construct, finance and operate a gas-fired power station with an available capacity of 500 MW at its existing facility at the Notore Industrial Complex in Onne, Rivers State, Nigeria. 

The plan is to sell the electricity generated by the plant to the Nigerian Bulk Electricity Trading PLC. 

The signing took place on Monday 22nd April 2013 at the Presidential Power Reform Transactions Signing Ceremony hosted by President Goodluck Ebele Jonathan at the Presidential Villa in Abuja.  

ContourGlobal is an international power generation company with power generating assets of more than 3000 MW in operations or under construction in 15 countries on four continents. 

 The company manages, owns and operates a portfolio of 31 power plants around the world, with a focus on high-growth, under-served markets, while utilizing a wide range of fuel types and technology including renewable energy production based upon wind, solar and biomass. 

ContourGlobal’s deep experience with projects in Africa will be further demonstrated during the execution of the joint development agreement with Notore Power.

 Some of its major projects include the acquisition of Arrubal 800 MW CCGT plant in Spain, the acquisition of Maritsa East 3, 908 MW lignite coal plant in Bulgaria, the operation of a 100MW plant in Lome, Togo, the operation of a Quad Genfacility in Nigeria for Coca Cola Hellenic Bottling Company’s Nigerian facility, the Phase 1 of KivuWatt biogas plant in Rwanda and its recent acquisition of its GTi Dakar, a 52MW combined power plant in Dakar, Senegal. 

Incorporated in August 2007, Notore Power was established to optimally manage power resources for its parent company, Notore Chemical Industries Limited, owner and operator of the only urea fertiliser plant in Sub-Saharan Africa. 

In 2008, Notore Power successfully obtained a generation license for its installed capacity of 50MW.  

Femi Solebo, Chief Executive Officer and Managing Director of Notore Power expressed delight at the official commencement of the project through the signing ceremony. 

“We are delighted at today’s event. This marks the commencement of change in Nigeria. We are committed to enhancing the quality of lives of Nigerians and electrical power is definitely of serious need in our nation today. We are happy to be partnering with ContourGlobal, a world-acclaimed and trusted organisation and we are confident that this project would be delivered as promised”. 

Joseph C. Brandt, President and Chief Executive Officer of ContourGlobal stated “ContourGlobal has always given special consideration to Africa since its creation in 2006. Our plants in Togo, Rwanda, Nigeria and lately Senegal are testimony to it. Nigeria may well have the highest potential, and the highest needs for new power generation in the continent, and we are extremely excited to contribute. We have found with Notore Power a strong and ambitious partner, and we believe a powerful fit.”

The project will involve the construction of a 500MW gas-fired power plant and is expected to be completed in the third quarter of 2016


http://businessdaynigeria.com/notore-partners-contourglobal-develop-500mw-power-plant

I've been wondering why private sector players haven't been taking advantage of the huge power supply gap in the country or is it not lucrative enough? Thank God things are changing.

Amen

PHIPEX: I've been wondering why private sector players haven't been taking advantage of the huge power supply gap in the country or is it not lucrative enough? Thank God things are changing.

The reason why the private sector has always shyed away is simple..there was no enabling market to support them..now the BULK TRADER company has been created as part of the ongoing power reforms so companies can generate electricity and sell to the bulk trader..as you can see it was stated explicitly in the report..

...."The plan is to sell the electricity generated by the
plant to the Nigerian Bulk Electricity Trading PLC..."


Also because of the enabling market created by the bulk trader MOBIL is building a power plant in Akwa-ibom,GEOMETRIC apart from their plant that will serve ABA recently signed an agreement with GE to build a plant to produce power it will sell to the bulk trader..

awodman:
The reason why the private sector has always shyed away is simple..there was no enabling market to support them..now the BULK TRADER company has been created as part of the ongoing power reforms so companies can generate electricity and sell to the bulk trader..as you can see it was stated explicitly in the report..

...."The plan is to sell the electricity generated by the
plant to the Nigerian Bulk Electricity Trading PLC..."


Also because of the enabling market created by the bulk trader MOBIL is building a power plant in Akwa-ibom,GEOMETRIC apart from their plant that will serve ABA recently signed an agreement with GE to build a plant to produce power it will sell to the bulk trader..

That's impressive, let's hope other firms will be attracted. That's why it's good for govt to create an enabling environment for private sector to drive the economy.