LONDON - Tuesday, December 1st 2015 [ME NewsWire]
(BUSINESS WIRE)-- Genesis Energy “Genesis”, the energy group based in London, today announced the launch of a 360MW multiple gas fired power project valued at US$190 million, which will provide over 30% of the Republic of Benin's current electric power supply capacity.
The project will commence with a 120MW power plant capacity, on a fast track basis, and will be on the back of a long term power purchase agreement without financial contributions from the government.
The Genesis power project investment is a major boost to the socio-economic development of the Republic of Benin. It is being jointly implemented by Genesis, in partnership with General Electric "GE", Cummins Co-Gen UK "CUMMINS" and Engro Corporation "ENGRO", all of whom are in long term strategic partnerships with Genesis.
His Excellency, Thomas Yayi Boni, President of the Republic of Benin, said at the signing ceremony: ‘’Genesis’ team and the government have done a very good job in helping us to achieve the signing of this Power Purchase Agreement (PPA), which will help provide every community and village with efficient and sustainable power.”
The government has made several concession agreements with power companies with resources of natural gas, hydro and solar energy, and Genesis is among these.
This investment will increase job prospects, as well as boosting revenue and economic activity in the country, enabling Genesis to directly employ and train a number of Beninoise people, right from the construction stage.
Akinwole Omoboriowo II, CEO of Genesis said: “This project to provide Benin with reliable, competitive and clean electric power, is in line with our Vision of Lighting Up Africa One Community at a time”.
Spero Mensah Ph.D, Benin’s Minister of Energy, thanked Genesis for helping to secure investments amounting to over US$190 million to build the power plant, which will enable Benin to buy the electric power produced.
The Genesis investment is a key strategic development for the government to create special Economic Zones such as "Free Trade Zones" to provide sustainable electricity.
The Genesis investment partners will deploy high efficiency gas turbines, manufactured by General Electric “GE”, and gas engines manufactured by CUMMINS, used in their other joint investment projects in various locations.
The electricity produced will go directly to the National Grid of Benin, under the administration of the Société Beninoise d'Energie Electrique (SBEE) for distribution across the country, including households, industries, commercial enterprises and all other classified customers of the SBEE.
On completion, the 360MW power project will substantially increase the country’s current electric power supply, while also attracting more global investors to Benin.
Note to Editors:
For more information, go to: www.genesisenergygroup.net
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Mary Ann Day
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