Delta has no equity stake in IPP project, says MD

The Managing Director Africa Plus Partners Nigeria Limited and Chief Investment Officer of Africa Infra Plus Fund, Mr Niran Ajakaiye, has said the Delta State Government does not have an equity stake in the Independent Power Plant.

Ajakaiye, who stated this while speaking to journalists in Asaba, said the Delta IPP project was executed in partnership with private entities; Africa Plus Partners Nigeria Limited and Bastanchury Power Solutions Nigeria Limited.

He said, “The Delta State Government has no equity stake in the enterprise but five per cent was magnanimously gifted to the state. Our first fund we raised for this project was N20bn which was fully deployed, the second was N200bn which we are deploying in bits and pieces to other infrastructure projects of this nature that meet our investment criteria

“We magnanimously said we gifted five per cent to the state government, it is not like they paid for it. In the contract, there are options that they could buy it over but as of today, that is open. We have built an IPP, it is running and we are open to the options. The commitment to buy is what makes the partnership viable, it does not have to be in naira and kobo all the time. The state is the anchor purchaser of the power here.”

SOURCE: THE PUNCH

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