by Doyin Jaiyesimi
Things are looking bright in the power sector as the sector is attracting more high net worth investors. Honeywell Group is the latest company to signify interest in investing in the power sector. It has been announced that the group will be investing $1billion in power generation and transmission projects across Nigeria.
Speaking about the power transmission projects, Honeywell CEO, Chris Bale said that the project will commence with the building of a 150 megawatts power plant in Ogun State. According the Bale, the plant is designed to meet the power needs of the South West. “Right now the group is approaching the next stage of development which is getting the necessary inputs together. We are discussing with Gas Aggregator Company of Nigeria. We have also gotten a Gas Purchase Order (GPO),very soon negotiation would commence with the gas suppliers. Also, we are holding discussions with Transmission Company of Nigeria for a transmission line to evacuate the power that is going to be accruing from the Akute plant,” Bale said.
Honeywell Group is also bidding for some of the power assets that the Federal Government will soon privatize. Bale explained that Honeywell has a “long standing involvement in the Nigerian power sector and also has good relationship with investors, and for the growth of the power sector.”, For Honeywell, this as an opportunity to deploy the group’s resources and bring the much needed investment in the power sector.
The power plant in Ogun state is expected to be completed in December 2014.
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