Bresson AS Nigeria Limited and Ibadan Electricity Distribution Company have officially signed a Power Purchase Agreement valued at N180 billion to provide 24-hour electricity to Magboro, Ogun State.
The deal, signed on Monday in Lagos, represents a major advancement in efforts to deliver uninterrupted and affordable power to the region, according to The PUNCH.
Under this agreement, Bresson’s Magboro Power Company Limited will initiate the first phase of a larger 90-megawatt project, starting with a 30-megawatt power supply for Magboro.
The Chief Executive Officer of Bresson Nigeria, Dr Gbenga Olawepo-Hashim, expressed optimism about the project’s impact, stating, “The people of Magboro will begin to access 24 hours of uninterrupted electricity at a competitive price.”
Founded in 2005, Bresson is the owner of a 90-megawatt gas-fired power plant in Magboro, which seeks to transform the region’s energy landscape, beginning with this initial 30-megawatt phase.
Olawepo-Hashim characterized the N180 billion investment as critical for improving power accessibility in the area and noted a growing interest from stakeholders eager to collaborate on this initiative.
“The 90MW Magboro project, starting with the 30MW segment under Magboro Power Company Limited, represents the first phase of an investment worth over N180bn in a time like this,” he stated.
He praised all partners involved for their dedication, highlighting that the project isn’t solely about profit. “This wouldn’t have been possible without the partnership with IBEDC.
“They are more focused than ever before on delivering efficient and competent service. It’s about passion—the passion to ensure quality and put an end to epileptic power supply,” he added.
Olawepo-Hashim noted that the new infrastructure will facilitate the initial phase of power delivery in the franchise area, setting a solid foundation for future expansions.
IBEDC, which officially launched on November 1, 2013, emerged from the unbundling of Nigeria’s electricity sector.
It serves the largest franchise area in the country, encompassing Oyo, Ogun, Osun, Kwara, and parts of Niger, Ekiti, and Kogi states.
As the project develops, it could serve as a model for similar initiatives nationwide, fostering collaborations that could lead to innovative solutions in energy management and sustainability.
The Managing Director of IBEDC, Francis Agowa, commended the partnership as a pivotal step toward sustainable power in Magboro.
“Ventures like this will bring sustainable power supply, and we look forward to a profitable engagement with Bresson.
“The important factor here is that this is not coming from the grid but rather through an embedded partnership with Bresson and the Ogun State Government as the regulator,” Agowa said.
