Kwara partners energy company, to generate 5,000MW power, 10,000 jobs

Kwara State government has signed Memorandum of Understanding (MOU) with a renewable energy company, Libra Capital Limited, to create 10,000 jobs and generate 5,000 megawatts power through renewable power plants and operations of standard agro-industrial parks in the state.

The Memorandum of Understanding (MOU) was signed by the representative of the state government, Secretary to the Kwara State Government (SSG), Professor Mamman Saba Jibril and representative for the company in Nigeria and West Africa, Ambassador Makinde Akinlabi in Ilorin at the weekend.

Speaking after signing of the MOU, Ambassador Akinlabi said that experts abroad would come to Kwara State to commence operations with the signing of the agreement.

“The MOU will take into consideration the renewable energy needs and the government policies as regards to its energy diversification willingness, energy supply and the promotion of efficient renewable energies, taking into consideration, the ever-greater importance of the private sector involvement in the promotion of renewable energies,” he said.

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He remarked that the company has the willingness, the financial capacity and expertise to construct solar/thermal power stations wind; Hydro-Electric Power Stations, waste energy plants with a minimum capacity of 5,000 megawatts electricity capacity.

Akinlabi also said that the purpose of the MOU was for the state government to accept in principle that the projects would be financed through Islamic bonds called SUKUK Emission Funds structured through global correspondent banks acting as reputable book runner.

“As soon as the principal agreement will have been validated by the Kwara State government authorities, LCL-Skypower and partners will mandate its financial partners to issue financial instrument to fund the above-sited projects.

“This procedure will require a time span within six months to secure, base on a reliable and long term basis,” he stated.

The director and representative of the Libra Capital Limited, Mr Yomi lge, remarked that Operations of Standard Agro-industrial Parks would take into consideration the agricultural needs of Kwara State government and the government policies in regards to its Agro-Food diversification inclination, agricultural supply and the promotion of food self-sufficiency, food security and residual industrial demands.