Genesis Energy partners Norwegian firm for hydro-power solution

Genesis Energy Corporation and a Norwegian Group, SHP Malthe Winje, have provided a pioneering platform for multiple deployment on fast track basis of Modular Mini Hydro Power solutions that could service Nigeria and the entire African continent energy needs within a reasonable short period of time.

Speaking in London during the launch of the modular Mini Hydro Power Solution for Nigeria and Africa, the Chief Executive Officer of Genesis Energy Corporation, Akinwole Omoboriowo, said the modular units of this hydro power engines can be deployed on fast-track basis within just six months without the prohibitive operating costs of diesel oil or natural gas.

Omoboriowo explained that the modular units can be connected to small mini grid at 415V levels for direct consumption by targeted communities and or connected to the distribution network within the area of the modular hydro unit installation, adding that the units also have advantages of increased generated Kilo Watt per hour and in addition have zero negative environmental impact, given the Pass-through water from streams or rivers used to feed the modular hydro units.

Executive Director of Genesis, Marc Eeckhout, who led the Genesis team to the signing ceremony of the Strategic Partnership contract at the SHP headquarters in Norway,  said that the mini hydro plants can be set up in virtually all parts of Nigeria where qualifying streams and or rivers exist, stressing that their sustainability for stand-alone utilisation in several States, local governments and in the rural parts of Nigeria where most Nigerian resides can be justified while noting that many viable mini hydro scale plants are actually ‘’run-off-river’’ schemes based on water wheels that require significantly small amount of civil works.

According to him, several rivers, water falls, qualifying streams in Nigeria such as Kaduna, Niger, Benue, Cross Rivers and their tributaries provide an enviable potential for the exploitation of hydro energy.

This is a visible alternative to the conventional buying of transformers and waiting for power from the national grid. Omoboriowo noted that currently SHP is approaching the Norwegian Export Credit Agency for a financing Solution for the deployment of this Mini Hydro Power to Nigeria and Africa.

Norwegian Credit provides for 85 per cent of the total project costs and the Norwegian Export Credit Agency being the largest in the World with tenure of 20 years and with a very low interest rate.

He observed that it is believed that this Norwegian Funding would ensure a low competitive tariff due to the long period of amortization of the fund and this would ensure the Government counterpart funding of 15 per cent by Federal or State agencies is easily affordable.

Omoboriowo said that investment in the Mini Hydro Solution would ensure job creation where the locals would be trained to maintain the plant, service and operate the mini grids where it’s utilised, and sell cards for prepaid metering vouchers to users stressing that it would also ensure increase in agricultural production in areas it is deployed.

Therefore the low tariff coming from the low cost of power solution in which farmers can now process more of their produce and more Agro Allied processing industries would be set up, thereby shifting the current subsistence farming style predominant in most part of the country.