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Obiano Signs MOU With Zolts Energy For Power Plant Project .

The State Government have signed a Memorandum of 
Understanding with Zolts Energy Limited for the construction 
of a 40 Megawatts Embedded Power Generating Plant in Ogbaru.

The MoU with a total investment worth US$47.25 million 
which aims to generate and sell electricity to the EEDC, 
will see the investor put in $45 million as its equity contribution.

The State Government on its part, will bring the sum of $2.2 million 
and also grant to the SPV, Certificate of Occupancy for the 3 hectares 
of land to be used for the project. Signing the MoU, Governor Obiano 
said Power being a key enabler in his administration's development blueprint, 
is getting maximum attention from his government, adding that the MoU 
brings to four, the total number of Power companies that it has so far signed on. 

He noted that the siting of the proposed Power Plant 
near the Onitsha Industrial Layout is strategic to ensure 
that the industries in the Harbour get the required power 
to operate at a maximum capacity.

The Governor while noting that the Project also holds great 
employment and IGR prospects for the State, urged the investor 
to immediately hit the ground running, assuring that the State is 
committed to meeting its own side of the deal. The Chairman of ANSIPPA,
 Chief Joe-Billy Ekwunife who said the MoU was structured in line with 
international best practices in investment, revealed that an agreement has 
been reached with the investor that work will commence on the project 
site within 6 months of the issuance of the land title, failure of which it will be revoked.

Earlier, the Chairman of the State's Power Committee, 
Mr Chike Okonkwo acknowledged that the 18 months 
designated for the execution of the project will ensure 
that it is realistic, noting that they are committed through 
constant monitoring of the project, to ensure that it is properly executed.

On his part, the Chairman of the Investing Company, Chief Dominic
 Ekesi hailed Governor Obiano's vision to engage the Private Sector 
to support government's initiative for adequate Power supply and delivery, 
adding that they have an understanding with the EEDC for preference to be 
given to the State in the Distribution of the Electricity to be generated by the plant.

In a vote of thanks, the Commissioner for Economic Planning, 
Budget and Development Partners, Mr Mark Okoye commended 
the Governor for his innovation and creativity that has translated in 
the positive overhaul of the State's investment processes and the 
investor for finding the state a credible partner in the venture. Formal 
signing of the MoU documents formed the highpoint of the event.

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