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Century Power Limited, a subsidiary of the Obijackson Group, owners of Nestoil Limited, will boost electricity generating capacity by 1,500 megawatts (Mw) on completion of its proposed power plant in Okija, Anambra State.
The power station, known as Century Power Generation Plant, will be built in three phases. The first phase will have a generation capacity of 495Mw and is expected to be completed in 2020.
Its Managing Director, Dr. Chukwueloka Umeh, said this at panel session at the MIT Energy Conference in the United States.
He noted that the challenges facing the power sector in the country were being addressed by the private sector.
He said: “There are challenges facing each facet of the power value chain in the country, starting from gas generation all the way to electricity distribution. To fix these issues, significant investment is needed. A large part of this investment will come from local and foreign investors but the government must create favourable conditions in all these sub-sectors to ensure influx of these desperately needed investments. It cannot be business as usual.”
