SIPP signs EPC with Energy China to construct power plant in Ogun
A Private Developer in Power and Infrastructure, Sagamu Independent Power Plant Limited (SIPP) has announced the signing of an Engineering, Procurement and Construction (EPC) contract with Energy China for a 400MW Independent Power Plant (IPP) in Sagamu, Ogun state.
With the EPC contract finalized, Energy China will now proceed with the Implementation/Construction of the plant. The total project cost is estimated to be $550m. Under the terms of the contract, Energy China will provide engineering services, local construction and balance of plant.
According to MD/CEO of SIPP, Samuel Marcus, “We expect to achieve Financial Close by Q3 2018.”Commenting, representative of Energy China said construction of the plant will commence this year and the plant would start operations in 2020. “As a Nigerian-owned company, developing capabilities in the power and infrastructure sector is paramount to us. We developed 400MW private electricity generating facility that will generate power to the National Grid. The plant is a combined cycle power facility located in Sagamu Local Government Area of Ogun State. Other Partners to the project include Siemens as the OEM, ILF as Owners Engineer. Gas supply and pipeline infrastructure shall be provided by AXXELA and Owel Linkso Group. Kedari Capital is the financing advisor to the project,” he said.
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