KEY POINTS
- Bresson AS Nigeria and IBEDC signed a N180 billion Power Purchase Agreement to deliver 24-hour electricity to Magboro, Ogun State.
- The project’s first phase includes a 30-megawatt power supply, progressing toward a larger 90-megawatt initiative to boost regional energy access.
- The project reflects Bresson’s commitment to affordable energy access, backed by stakeholder interest and Ogun State’s regulatory support.
Bresson AS Nigeria Limited, a power generation company headquartered in Abuja has formalized a N180 billion Power Purchase Agreement with the Ibadan Electricity Distribution Company (IBEDC) to ensure 24-hour electricity to Magboro, Ogun State, in a bold step toward energy transformation.
According to Punch, this strategic collaboration aims to deliver round-the-clock electricity to Magboro, Ogun State, marking a key step toward stable and affordable power for the area. The agreement, signed in Lagos on Monday, represents a crucial advancement in ensuring reliable and affordable power supply to the region.
Under the agreement’s terms, Bresson’s subsidiary, Magboro Power Company Limited, will commence with a 30-megawatt supply in the first phase, building up to a scalable 90-megawatt output. Founded in 2005, Bresson operates a 90-megawatt gas-fired power plant in Magboro. This project represents a crucial N180 billion investment and serves as a model for future scalable energy solutions in Nigeria.
Addressing power inconsistencies
Gbenga Olawepo-Hashim, CEO of Bresson Nigeria, affirmed that Magboro residents will soon have 24-hour electricity at competitive rates, thanks to a N180 billion investment aimed at boosting power access. He noted growing stakeholder interest in this transformative project.
Olawepo-Hashim emphasized that the venture is not only financially significant but also driven by a commitment to address the longstanding issue of inconsistent power supply. “This partnership with IBEDC is more than just a business deal; it’s a commitment to end unreliable electricity and provide competent, quality service to the community,” he added.
As Magboro Power Company Limited spearheads this initiative, Olawepo-Hashim noted increasing stakeholder interest in supporting this transformative effort. The first 30-megawatt phase will lay the infrastructure needed for future expansions, fostering a pathway for scalable growth across the region.
Expanding the reach of IBEDC
With a history dating back to its formal establishment on November 1, 2013, IBEDC serves the largest electricity distribution franchise in Nigeria, covering Oyo, Ogun, Osun, Kwara, and parts of Niger, Ekiti, and Kogi states. The Magboro project signifies IBEDC’s dedication to fostering sustainable partnerships that extend beyond the national grid.
IBEDC Managing Director Francis Agowa highlighted the importance of this collaboration with Bresson and its potential to deliver lasting energy solutions. “This venture will deliver sustainable power and we anticipate a highly profitable collaboration with Bresson and Ogun State,” Agowa stated. “This embedded partnership, distinct from the national grid, is supported by the Ogun State Government, which serves as regulator.”
Ogun State Government’s Role in Energy Progress
Jide Onokoya, Special Adviser to the Ogun State Government, reinforced the state’s commitment to fostering an enabling environment for energy investment. He affirmed, “We are fully committed to supporting companies like Bresson in their quest to deliver reliable energy solutions through diverse channels.
Bresson’s extensive experience in the energy sector aligns with our vision for a robust energy market in Ogun State.” This N180 billion PPA between Bresson and IBEDC not only offers a sustainable energy source but also sets a precedent for innovative, local energy solutions that can be replicated across Nigeria. The initiative is a significant stride toward bridging Nigeria’s energy gap, bolstering economic growth, and improving the quality of life for residents in Magboro and beyond.
