The Cross River State Government has signed a Memorandum of Understanding with an Indian company, ESSAR African Holdings Limited, a subsidiary of ESSAR Power, on the establishment of a 600 mega watts power plant in Calabar.
The Special Adviser, Investment Promotion, Mr. Gerald Adah, signed on behalf of the state while the Senior Vice-President, Business Development, Mr. Inder Kapoor, signed on behalf of the company.
Speaking after the brief ceremony in Calabar on Saturday, the Deputy Governor, Mr. Efiok Cobham, appreciated the company for finding it convenient to invest in the state and hoped that the relationship between the two countries would grow stronger with the realisation of the power plant.
According to Cobham, the plant will boost economic activities in the state as well complement the Power Holding Company of Nigeria in supplying electricity.
He added that power was the greatest challenge of the state and the nation.
He said, with the coming of ESSAR, the people would be seeing light at the other end of the tunnel.
The deputy governor said the location of the project in Cross River would strengthen the cordial relationship between India and the state as he looked forward to seeing the company take off soon, adding that the state was also working hard to have its power plant.
He added that the state was the most investor-friendly in Nigeria and called on the company to explore other areas where it could invest in the state.
The Senior Vice-President, Business Development of the Indian firm, Mr. Inder Kapoor, said Nigeria was one of the countries in Africa, where the company had investments, especially in oil and gas.
He explained that his company was a major power generating company, adding that Cross River was the first state to benefit from its plant project.
Kapoor said the decision to invest in the state was based on the feasibility study conducted, which showed that the state had more advantages, adding that they would work according to the guide lines and approval of the PHCN.
Also speaking, the Special Adviser to the State Governor on Investment Promotion, Mr. Gerald Addah, said the 600 mega watts power plant would be constructed in two phases of 300 mega watts each, adding that the construction was expected to commence within one year.
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C’ River, Indian firm sign MoU on power plant