The Edo State Government has signed a Memorandum of Understanding with an Indigenous energy company, E5 Energy Services Limited, to install a 500 million dollar 100 megawatts hydropower station in the state.
By the MoU, the company is expected to develop two state-of-the-art 50-megawatt power stations each in the Ikpoba and Akoko-Edo areas of the state utilizing the Ikpoba and Ojirami water dams.
Managing Director of E5 Energy Services Ltd, David ‘Diya Ashaolu, said the PPP project, which grants the company the initial exclusivity for 36 months, will ensure stable electricity supply for residents as well as create employment opportunities for the local population by boosting businesses.
In a statement, the Managing Director of E5 Energy Services Ltd hinted that the groundbreaking agreement marks a significant milestone in the state’s quest for uninterrupted power supply and economic development.
Ashaolu commended Governor Monday Okpebholo for enhancing a business-friendly environment that attracts global investors, emphasizing that this partnership goes beyond power provision.
“In addition to delivering sustainable, renewable, and reliable electricity, we will establish an industrial park to further boost economic activities in Edo State,” Ashaolu stated.
In her remarks, the Permanent Secretary in the Edo State Ministry of Mining and Industry, Mrs Omoruyi applauded the initiatives of E5 Energy, just as he assured the company of the government’s unwavering support throughout the project.
“The Edo State Government will provide a seamless working environment to ensure the success of this venture,” Omoruyi stated.
Also speaking, Mr Kizito Okpebholo, the Special Adviser to the Governor on Investment described the investment as a major economic boost for the state, while stressing the governor’s enthusiasm for the project.
“This development reflects the governor’s commitment to positioning Edo as the centre for sustainable energy and industrial growth,” he said.
He assured the company of the governor’s staunch support for the projects, advising them not to shy away from tabling any request they may have before him.
