Kingline, NBET sign pact to deliver 550mw Ondo Power by 2020

The Nigerian Bulk Electricity Trading Company Plc (NBET) has signed a Power Purchase Agreement (PPA) with Kingline Development Nigeria Limited (KDNL) to construct the 550 megawatts (MW) Ondo Independent Power Project (IPP) valued at $550 million (N198 billion).

In a signing ceremony superintended by the Minister of Power, Works and Housing, Mr Babatunde Fashola in Abuja last weekend, the Chief Executive Officer of Kingline, Mr Sean Kim assured that the firm would reach a financial closure by the fourth quarter of 2018 after which it will begin construction and could start operating the plant by 2020.

The Managing Director of Kingline, Mr Fola Akinnola said the firm has raised $150m equity while it expects another projecting financing of $400m to the total project cost of $550m.