Private Equity-backed Themis, an Africa-focussed power company based in Morocco, has announced a new partnership with Kingline Development Nigeria Limited (Kingline) to develop a 550MW natural gas-fired power plant in Ondo State, Nigeria.

At a project cost of approximately $600 million, the plant is set to become one of the world’s lowest cost natural gas-fired power plants.

The project involves building a 550-MW combined cycle powerhouse, a substation, a desalination facility and related infrastructure at the Ondo State International Industrial Park at Omotoso, 170 km northeast of Lagos.

The plant will source the required gas from the nearby gas fields in the Ondo onshore/offshore basin. It is expected to be commissioned by 2020 and to become fully operational in 2022.

According to Tas Anvaripour, CEO of Neo Themis, “Kingline offers compelling advantages for the Federal Government of Nigeria given its extremely competitive pricing, availability of peripheral gas and transmission infrastructure, timing to the operation, and technical flexibility.”

Africa’s most populous nation currently has 4,000 MW of operational capacity, compared to 13,400 MW of installed capacity and 15,000 MW of demand.

State-run Nigerian Bulk Electricity Trading Company (NBET) will buy electricity from the Ondo plant for a period of 20 years on a take-or-pay basis, officials said.

Neo Themis was set up in 2018 under a partnership between Themis and Denham Capital, a global energy-focused private equity firm, acting through its International Power Fund, to launch the Africa Power Investment Platform.

The team was headquartered in Morocco through the incorporation of a new company, Neo Themis.

Denham Capital had then vowed to earmark $250 million for the development of energy projects in Africa.

“Despite increased competition, the number of projects reaching closing is still largely below the needs of the continent, and this new venture is well positioned to fill the gap,” CEO of Neo Themis, Tas Anvaripour, had then said.

Themis has been responsible for developing and financing some of Africa’s most significant infrastructure and power projects over the last decade, while Denham Capital is an investor and developer of natural gas-fired and renewable power generation assets across Africa.

The Themis team is actively developing circa 400 megawatts across the African continent, including the 44-megawatt Singrobo hydro project in Côte d’Ivoire, and is targeting the development of more than 1 gigawatt of gas-fired and renewable power generation projects in the medium term.

SOURCE: https://brandspurng.com/2019/03/23/morocco-based-themis-to-develop-550mw-natural-gas-fired-power-plant-in-ondo-state/

Nice, we need more of this.

Aketi the best governor in Nigeria

Okay nice

things are really happeneing in this ondo oh, unlike those that borrowed recklessly to go and build a talking drum

Buhari will give us this when the time is right.
Let's put our faith in baba!

Nice one for dem

cool very soon we'll have a "stable" power supply nationwide

Wat am I seeing islamization?

Nice

Study anywhere in the world for free through scholarships

visit www.westernscholars.com

Good

Bloooody:
Buhari will give us this when the time is right.
Let's put our faith in baba!

mtchew

They are welcome.

What our government couldn't do, what our top richest men couldn't do for us, foreigners are doing. Shame on this country.

Bloooody:
Buhari will give us this when the time is right.
Let's put our faith in baba!

Baba that is currently slaughtering people in Kano because of a dollar collecting criminal??

Can Nigeria boast of steady power supply before 2030?

Southwest attracting foreign investment since 1800..

I hope it works out because Ondo people dey suffer for light ooo, okitipupa and the likes

.

HOPE IT WONT END UP AS AN ABANDONED PROJECT

kc2hansome:


mtchew

Wailer

krattoss:
Can Nigeria boast of steady power supply before 2030?

Hopefully yeah, if we do not vote for people that will either sell one thing or the other again.

Morocco should stop the colonization of a western sahara(a nation of black people) .Western sahara is the only remaining colony in the world. The Spanish government left and Morocco annexed them in 1975.Since then the black people has been under slavery.

Morocco has been scheming to join ECOWAS in other to subdue the influence of Nigeria and control the ECOWAS market.

Foreign investment is good but not all are with good intention. Government should support local investors .

good

Sai Buhari!

kc2hansome:


Baba that is currently slaughtering people in Kano because of a dollar collecting criminal??

Hypocrite. What is Okowa, Ibori, Uduaghan, Wike doing with your state allocation? Gandollar in far away Kano state is your problem.

This is great. The Industrial drive of Akeredolu's administration is gradually paying off. He has created a conducive environment & policies for industrialization to thrive in Ondo State. Ondo state is moving forward.

OndoFirstBorn:
This is great. The Industrialization drive of Akeredolu's administration is paying off. He has created a conducive environment & policies for industrialization to thrive in Ondo State. Ondo state is moving forward.

Shut up your stinking mouth. Who paid you peanuts for this stupid senseless campaign?

Really a good news.

kingreign:


Shut up your stinking mouth. Who paid you peanuts for this stupid senseless campaign?

Unlike a demented brain like you, some of us don't need to be paid before we notice and propagate the happenings and developments in our State. I speak up for good governance. Unlike you, I don't sit on my brain and type with my fingers. Before i talk, I have already gathered my facts.

So many smartphones today, yet the users are dull and uncultured. Very sad. Smh