Edo Gets 10% Stake in Proposed 100MW Power Plant

The Edo State Government has secured a 10% equity stake in a proposed 100-megawatt power plant expected to be built in Ologbo. According to reports, Governor Monday Okpebholo said the arrangement will generate revenue for the state, create jobs and improve electricity supply. A statement by the governor's Chief Press Secretary, Patrick Ebojele, said the state negotiated the equity stake in exchange for providing land and creating an enabling environment for the investment. The statement also noted that the state is not making any direct financial investment in the project. The governor disclosed this in Benin City while receiving the Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Olusegun Alebiosu, the Managing Director and Chief Executive Officer of CCETC, Di Xiaohui, and their delegations at the Government House. Governor Okpebholo said the proposed 100MW power plant is expected to become operational by November. The project comes as subnational governments increasingly seek to leverage the provisions of the amended Electricity Act 2023, which decentralised electricity generation, transmission and distribution by allowing states to establish and regulate their own electricity markets. Several states have since initiated independent power projects to improve electricity supply, attract investment and support industrial growth. Speaking earlier, Alebiosu said First Bank was committed to supporting investments capable of driving economic transformation in Edo State. He said CCETC already operates a 15MW power plant in the state and is constructing the proposed 100MW facility in Ologbo to boost industrialisation and economic development. The governor said the proposed 100MW power plant will improve electricity supply in the state and create opportunities for residents. He added that his administration had adopted a policy of encouraging investors to partner directly with the state government rather than private individuals to safeguard public interest and improve accountability.

The Edo State Government's move is expected to boost electricity supply in the state and create opportunities for residents. It is also expected to improve the economic prospects of the state by attracting investors and supporting industrial growth. Governor Okpebholo's administration has been working to improve the state's economy and provide opportunities for residents. The state's decision to partner with CCETC to construct the power plant is seen as a major step in achieving this goal. The project is also expected to improve the overall economic prospects of the state by attracting investors and supporting industrial growth. It is also expected to create opportunities for residents and improve the standard of living in the state. The Edo State Government's decision to partner with CCETC is seen as a major step in improving the state's economy and providing opportunities for residents. The state's move is expected to boost electricity supply and create opportunities for residents.

Governor Okpebholo's administration has been working to improve the state's economy and provide opportunities for residents. The state's decision to partner with CCETC to construct the power plant is seen as a major step in achieving this goal. The project is expected to boost electricity supply, create jobs, and improve the standard of living in the state. The Edo State Government's move is expected to improve the economic prospects of the state by attracting investors and supporting industrial growth. The state's decision to partner with CCETC is seen as a major step in achieving this goal. The project is expected to create opportunities for residents and improve the standard of living in the state. The Edo State Government's partnership with CCETC is expected to be a major boost to the state's economy. The project is expected to create jobs, improve electricity supply, and provide opportunities for residents.