On Tuesday, the managing director of Azura Power Holdings, said that the planned commissioning of the 450MW Azura-Edo plant would be achieved almost eight months ahead of the construction timeline it reached with NBET in its Power Purchase Agreement (PPA).
According to David Ladipo, Nigeria’s national grid can expect the added capacity come May 2018, This Day Live reported.
“We expect to come on stream in May 2018, and that is nearly eight months ahead of the completion timeline we agreed with the NBET.
“We will achieve our first fire in December, and then by May, we would be on the grid,” said Ladipo.
Ladipo said that already relevant works required to get the plant ready for the May 2018 commissioning are at advance stages and that its first fires would be achieved in December 2017, media reported.
According to him, the eight months cutback in project completion timeline was made possible because it competitively procured the best contractors for the job, in addition to instituting a transparent management of work schedules on the project which he noted its contractors started work on in January 2016.
In January 2016, the IPP achieved financial close through the approval of the Multilateral Investment Guarantee Agency (MIGA), a political risk insurance and credit enhancement arm of the World Bank Group.
MIGA committed to provide $492 million for the Azura-Edo IPP project, which covers equity investments by Amaya Capital Ltd, American Capital Energy and Infrastructure, Aldwych Azura Limited, the African Infrastructure Investment Fund 2 Power Holding, and Asset and Resource Management Ltd.
In addition, MIGA also confirmed to cover commercial lending by Siemens Bank, KfW IPEX, Rand Merchant Bank (RMB), and Standard Bank - with Standard Chartered Bank acting as agent on behalf of the lenders. Read more...
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