The management of Heritage Bank has
announced that the recently completed Peninsula Independent Power
Project (PIPP) financed by the bank, and will be commissioned in March.
The project is in fulfilment of the
bank’s commitment in the provision of a strong backbone for capital
intensive projects in the state.
Available data show that, as of today,
the power requirement of Lagos is estimated at about 10,000MW –
12,000MW. This is in sharp contrast to the less than 1,000MW available
from the national grid.
This situation prompted the Lagos State government to resort to alternative power projects.
The Peninsula Independent Power project,
located in the Lekki Peninsula area of the state, is a public private
partnership (PPP) between Lagos State government and Peninsula
Integrated Power Limited, which seeks to provide alternative solutions
to the inconsistent power supply from the national grid.
Ifie Sekibo, managing director/CEO of
Heritage Bank, said the bank was proud to be part of the project
conjectured by the Lagos State government to provide power supply for
businesses and industries around Lekki Peninsula.
He said the bank’s involvement in the
project was borne out of its business objective of continuously offering
ingenious financial support and advisory services on investment,
project finance, business expansion, modernisation, production process
and capacity improvement and restructurings that would create multiple
economic advantages for the benefits of vast majority of its
stakeholders.
According to him, “the project finance
facility granted to the Peninsula Independent Power Project was to set
up an 8.5 megawatts captive power generating plant with a 22km
distribution network which has the potential of upgrading to a 25MW
power generating plant that will run on Compressed Natural Gas (CNG).
The Peninsula Integrated Power Project (PIPP) will provide power for the
Lagos State government water works and public lighting within Lekki,
Victoria Island and Ikoyi.”
Facilities to be connected to the
Peninsula Integrated Power Project include: Lekki Phase 1 Waterworks,
Ligali Ayorinde Waterworks, Victoria Island, Saka Tinubu Waterworks,
three boreholes located at Adeola Odeku Street, Victoria Island, and
Alexander Road Waterworks Ikoyi.
Others include 10km of new public
lighting within Lekki Phase 1, 15km of new public lighting within
Victoria Island and Lekki-Ikoyi bridge.
He said that with the recent acquisition
of Enterprise Bank, Heritage Bank was set to play more active role in
sustainable economic initiatives as well as the CBN’s efforts to promote
financial inclusion and all national banking operational standards.
The official commissioning of the project will be performed by Governor of Lagos State, Babatunde Fashola, in March.
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