Chinese Investors eye Ibom Power

Ibom Power Board of Directros with Chinese Investors
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A consortium, Tempo Energy-GasInvest and Chinese investors, Nantian Electric Power Co Ltd & HYPEC/PowerChina, has indicated interest to develop the phase 2 of Ibom power plant on a fast-track basis by relocating a combine cycle 180Megawatts (MW) power plant to Ibom power phase 2 site.

The 180MW plant to be relocated is owned by Nantian Electric Power Co who are constructing a new power plant with a GE Frame 9H. According to General Electric (GE), Frame 9H is a combined-cycle power plant with two available models—the 9HA.01 at 446MW and the 9HA.02 at 557MW hence, the need for Nantian to relocate the lower capacity 180MW frame 9E power plant.

Ibom Power Board with Chinese investors at Ibom Power Plant Ikot Abasi

Speaking after due diligence tour of Ibom Power Phase 2 site, the investors hailed the phase 2 project site which they described as “fantastic”. Wei Yu Bao, who spoke on behalf of the delegation, said the site has a good road network with gas facility and existing transmission facilities to guarantee that power generated would be evacuated.

The Managing Director of Ibom Power, Engr. Meyen Etukudo, said the power generated from the 500MW Phase 2 will be evacuated through a 1200MW capacity 330kiloVolts (KV) double circuit transmission line being built by the National Integrated Power Projects (NIPP) from Ikot Abasi to Ikot Ekpene. He noted that Phase 2 will provide employment and reliable power supply to Akwa Ibom State and the national grid.

Ibom Power Board Chairman, Engr.  Etido Inyang who lauded the pace of the Phase 2 project development, reiterated the commitment of Ibom Power and Akwa Ibom State to the project. He said Governor Udom Emmanuel has put in place the enabling environment for the development of Phase 2 by providing infrastructure to attract investors. He stated that part of the power produced at Phase 2 will be retained in Ikot Abasi to power the industrial hub.

The 500MW Ibom Power phase 2 project has attracted several investors since the Nigerian Electricity Regulatory Commission (NERC) expanded the license of Ibom power from 191MW to 685MW in November 2014.

Part of the investors who have indicated interest in Ibom power phase 2 is Nantian Electric Power Co. Ltd., a company that provides electric power generation, transmission, distribution, and other services in China while Hubei Hongyuan Power Engineering Co.,Ltd (HYPEC), a subsidy of PowerChina, is expected to be the Engineering Procurement and Construction (EPC) contractor.

GasInvest, their Nigerian partner, was founded in 2015 by David Ige, a former Group Executive Director – Gas & Power, at the Nigerian National Petroleum Corporation (NNPC) and the pioneer Managing Director of the Gas Aggregation Company of Nigeria (GACN). Tempo Energy is an exploration, production and trading company that participated in the BPE bids for privatization of Sapele power plant as part of a consortium. The company scaled through the technical stage but dropped-out at the commercial stage.

Ibom Power Board in a meeting with Chinese Investors in China
Walk down tour of plant in China
Signing of Minutes of Meeting in China
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