The Imo State Government has approved $200 million for the establishment of a power company known as Orashi Electricity Company.
The Governor, Hope Uzodimma, disclosed this at the Government House, Owerri, yesterday, while inaugurating members of the Electricity Regulatory Commission and the House of Assembly Service Commission.
Uzodimma disclosed that the investment, which was secured through private partners, would be funded by the partners, with no financial contribution or borrowing required from the state.
He expressed optimism that there would be 24-hours steady power supply in all the 27 local councils of the state in January next year, when the Orashi Electricity Company Limited would have been fully activated to operate.
The governor said: “Steady power supply boosts economy and creates numerous job opportunities, stimulate local businesses and improve the overall quality of life for residents.”
