Bresson to Invest $90m in IPPs

07 Sep 2013

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Prof Chinedu Nebo, Power Minister

By James Emejo

Independent Power firm, Bresson A.S. Limited has revealed plans to invest an additional $90 million for the construction of independent power plants in the country. It had initially invested about $10 million in the power sector.

Chairman, Bresson A.S. Limited, Mr. Gbenga Olawepo said during a meeting with the Minister of Power, Prof. Chinedu Nebo in Abuja that government had made tremendous progress in the implementation of the Electricity Sector Reform programme with the successful privatisation of some distribution and generation companies. He noted that investment in that sector had become viable and while the business environment had also been made friendly since the reforms began.

According to him, if the current momentum was sustained, power outages could become a thing of the past in the country in the next five years.

He said: “The Reform rests on two legs; Privatization of operation of existing companies and the promotion of Independent Power Generation through Greenfield IPPs. We need to see more support for the IPPs to come on stream. They are the ones that are bringing additional capacities”.

He added: “At Bresson A.S., power generation is not just business but a passion driven by the realization that making power available makes industries and jobs to spring up, it makes poverty disappear and engenders sustainable development.”

The company is basically engaged in the acquisition, development, ownership and operation of independent power generating facilities and had achieved remarkable feats in the expansion of private sector participation in power distribution and generation in the country.

Its strategic partnership and vision over the next decade propelled Bresson’s advancement as industry leader after it successfully built a state of the art 90MW power plant at Magboro, the Lagos corridor of Ogun State.

It had over the years sought the right policy environment including the availability of a cost recoverable tariff for grid, credible off-taker and reliable fuel supply.

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