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Wednesday, March 20, 2019
Themis, a privately held Morocco-based power supply company, signed a partnership with Nigeria’s Kingline Development to install a 550 MW gas-fired power plant in the state of Ondo.
The power plant is being developed at an estimated cost of $600 million.
Themis, funded by capital investor Denham Capital, said that once in service, it will be the lowest cost and most competitive thermal power plant in the country. Kingline Power, whose goal is to be the leading developer of energy projects, was created in 2014 to provide complete solutions that can lead to power plant projects in Nigeria.
“This should have a positive impact on the cost of electricity in Nigeria, providing long-term added value and affordability for consumers,” said a statement from Themis.
Themis intends to buy the natural gas feedstock for the power plat on a competitive basis from local producers. Efforts are ongoing in this regard.
“The project has attracted a lot of interest from multilateral and private institutions for the arrangement of the debt, while capital requirements can be fully funded by existing partners, with Denham Capital being the majority shareholder,” said the Themis release.
The plant is being built next to the Omotosho power plant and will be built by an international contractor that has successfully delivered more than 4 GW of gas-fired power plants in Africa, Themis said without mentioning its identity.
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