News

November 19, 2015

Ondo, Korean firm seal IPP agreement

Ondo, Korean firm seal IPP agreement

Gov. Mimiko

By Dayo Johnson

Akure—ONDO State Government and a  Korean company ,Kingline Development Company, have signed a partnership  agreement to deliver a 1100 MW Independent Power Project, IPP.

The first phase of the multi- phased project involves the construction of a gas-fired power plant that will generate 550 MW of power that will be sold into the national grid.

This was contained in a statement issued in Akure, Ondo State, by  Chief Press Secretary to the governor, Mr. Eni Akinsola.

He said: “This will be followed by a second phase designed to deliver another 550 MW.”

He pointed out that the government has a tangible equity stake in the power generation project.

The planned project achieved a crucial milestone recently with the signing of the Engineering, Procurement and Construction, EPC, contract with the international engineering and construction company.