The Niger Delta Power Holding Company (NDPHC) Ltd. on Tuesday in Lagos signed an agreement with Eko Electricity Distribution Company Plc (EKEDC) to deliver 300 mega watts of power to Ibeju-Lekki and other franchise area in Lagos State.
The agreement which was sealed in the presence of Lagos State Governor, Babajide Sanwo-Olu will see NDPHC supply electricity directly to Eko DisCo from existing capacity.
Speaking at the event, the Managing Director of NDPHC, Mr. Chiedu Ugbo said the agreement is part of NDPHC strategic plan to source alternative means to sell and ensure dispatch of its stranded power.
Ugbo noted that the deal also allows the EKEDC to explore innovative ways to unlock investment in infrastructure for improved supply to its customers.
He pointed out that “the recognition of these complementary objectives has birthed the relationship between NDPHC and EKEDC that we are formally kicking off today. Our mutual objective is to work together to deliver the arrangements that will ensure safe, reliable and steady supply of power to customers in Ibeju-Lekki and other parts of EKEDC’s franchise area.
“This collaboration is significant considering the strategic importance of Lagos State as Nigeria’s commercial capital and host state for key industries in Nigeria. It is also for this reason that we are pleased to be signing this document in the presence of Mr. Governor, who is himself a key member of NDPHC’s Board of Directors, and whose State, Lagos, is one of our shareholders.
“We look forward to carrying out this collaboration with the support of the Lagos State Government, and we believe that the collaboration will support the attainment of the infrastructure development and economic policies of the state government.”
The NDPHC boss observed that “This project is indeed a milestone for both parties and will deliver significant benefits to all the persons concerned. For NDPHC, the project will enable NDPHC, through its subsidiary generation companies, to deliver power to customers within EKEDC’s franchise areas.
“For EKEDC, the project will help to satisfy its customers with reliable power and achieve an enhancement of its network and infrastructure. For EKEDC’s customers, their homes and industries can now enjoy reliable 24/7 power supply. For EKEDC’s investors and NDPHC’s shareholders – trustees of the Nigerian people – this project will deliver significant value.”
He thanked Gov. Sanwo-Olu, other officials of the Lagos State Government, EKEDC team, staff of NDPHC and its subsidiary generating companies, and Transaction Adviser, Electric Utilities, for the efforts made to see to the success of the project.