Following His Excellency, Rev. Fr. Dr. Hyacinth Iormem Alia’s recent trip to the United States, a delegation of investors from Australia on Tuesday arrived in Benue State to develop a 10 GW solar photovoltaic power plant.
The investors, Paul Camp and Richard Vargas of United Solar Energy, were received by Dr. Raymond Asemakaha, CFA, Managing Director of Benue Investment and Property Company Limited (BIPC), in the company of representatives of the Commissioner for Justice, Public Order and Attorney-General, Justin Gbagir, and representative of Commissioner for Transport and Power, Prof. Jonathan Uhaa.
The investors presented a comprehensive public-private partnership (PPP) framework for the project to the team, which scrutinised it and is to forward recommendations to the governor.
The framework outlines the terms of the partnership that the state government is to provide suitable land that will cover the entire project, plus 15 years of environmental approvals and authorizations and a signed master schedule Power Purchase Agreement (PPA) for 25 years.
Other clauses include providing asset-backed green bond security, ISPO, commercially ensuring the viability of the project, and providing tax concessions, incentives, and financial grants.
The PPP agreement will also have the Benue State Government providing access to an incentive scheme on import tax and providing adequate infrastructure, among other conditions.
In return, the Australian investors will provide 100 percent funding, provide jobs for locals, up-skill local manpower, and re-skill unemployed youths in the state.
After the scrutiny, the team is to forward submissions to Governor Hyacinth Iormem Alia, after which a memorandum of understanding will be signed virtually.
