Residents of Magboro in Ogun State are set to experience round-the-clock power supply, thanks to a collaboration between Bresson A S, Magboro Power Company, and Ibadan Electricity Distribution Company (IBEDC).
This embedded power arrangement marks the first phase of the ambitious Magboro Power Plant project, with an expected capacity of 90 megawatts (MW) over time.
During the signing of the 30 MW power purchase agreement at the Sheraton Hotel in Ikeja, Lagos, Bresson A S Chairman and CEO Dr. Gbenga Olawepo-Hashim highlighted that the journey to build the Magboro Power Plant began over two decades ago.
Dr. Olawepo-Hashim announced that the plant’s first Titan 130 Solar Turbine shipment is set to arrive by April 2025, marking a key milestone in their vision for consistent and affordable electricity for the region.
“This project promises to provide a reliable and cost-effective energy source, with tariffs lower than those typical in the region’s Band A electricity market,” he stated.
Writing on his Facebook page, the former presidential candidate in the 2019 general elections said: “Today, as Chairman of Bresson A.S, I signed a Power Purchase Agreement with Ibadan Distribution Company represented by its CEO, Engineer Francis Agoha.
“The PPA kick starts the 180bn naira Magboro 90 MW plant of which the 30 MW PPA with IBEDC is the first phase.”
On his part, IBEDC’s Acting Managing Director, Francis Agoha, emphasized that the collaboration aligns with IBEDC’s goals to enhance energy accessibility, adding that the initiative is part of a broader mission to support local communities.
Agoha pointed out the unique “off-grid” nature of the power supply, made possible by Ogun State’s role as a regulatory partner, which he described as a “significant milestone” for the utility.
The project has received endorsements from various stakeholders, including Ogun State’s Special Adviser on Energy, Jide Onakoya, who affirmed the state’s commitment to opening up investment opportunities for energy infrastructure.
Community leaders, including the Olu of Magboro, Oba Modiu Ademuyiwa Alalade, and Magboro CDC Chairman, Prince Adeshina Olukoya, have also celebrated the development as a crucial step towards enhancing the quality of life and economic growth in the area.
Experts say with the partnership, Magboro residents can anticipate an improvement in power reliability and reduced costs, setting a new standard in power provision for communities across Nigeria.
Meanwhile, Nigeria’s Rural Electrification Agency (REA) has formalized partnerships with various government agencies and private renewable energy service companies to enhance electricity access across the country.
The signing of multiple memorandums of understanding in Abuja marks a major step in the REA’s goal to generate 1,000 megawatts of solar-based electricity within three years, a move that could reshape energy distribution in urban and rural Nigeria.
REA’s managing director, Abba Abubakar Aliyu, stated that the collaboration would not only alleviate electricity challenges but also harness new private sector investment, catalyzed by the federal government’s $750 million World Bank loan intended as seed capital.
