10 Firms Post Letters Of Credit For Construction Of 1,125mw Solar Plants

Must Read

CAN Reacts As Boko Haram Kills Its Adamawa Chairman, Andimi

President of the Christian Association of Nigeria (CAN), Rev. Samson Ayokunle has described the killing of Adamawa State CAN...

PDP Secretly Inciting Imo Lawmakers To Impeach Me, Uzodinma Cries Out

The newly sworn-in governor of Imo state, Hope Uzodinma has cried out that the Peoples Democratic Party(PDP) is secretly...

Imo State Deputy Speaker, Okey Onyekanma Resigns

Deputy Speaker of Imo State House of Assembly, Okey Onyekanma, has tendered his resignation letter. According to reports, the legislator's...

Oxford Dictionary Adds ‘Okada, ‘Danfo,’ ‘Mama Put,’ Others To Dictionary (Full list)

Some popular Nigerian English words have made it into the Oxford English Dictionary for the first time. These words are...

Supreme Court Rules In Favour Of PDP In Adamawa

The Supreme Court has on Tuesday affirmed the victory of Ahmadu Fintiri as the elected governor of Adamawa State. The...
daniel
Ardent Reader, News Freak, Socio-Political Commentator, Archaeologist & Pro-Democrat.

solar-energyTen of the 11 firms working on constructing 1,125megawatts (mw) solar plants in the country, have posted development securities to the project.

The Nigerian Bulk Electricity Trading Plc, NBET, made the disclosure in a statement yesterday.

According to the statement, it was essential for the firms to post a $20,000 per MW Development Security Letter of Credit to serve as security before the financial close.

The 11 firms signed Power Purchase Agreements (PPA) for the Independent Power Producers (IPP) plants across 10 states in July.

The NBET said that the financial closed six months from when the PPAs were signed.

“The development security will be refunded to the IPP when the closing date is met after which the IPP will begin construction of the plant”, it said.

The statement noted that the other three firms yet to post the Letters of Credit ‎(LC) were expected to post them between September 28 and October 02, 2016.

“The posting of development security by 10 out of the 11 IPPs that were due is a testament to investor confidence in the Nigerian power sector and continued interest in the development”, the statement said.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More Articles Like This

- Advertisement -