By Abisola THOMPSON
Mr Ubani Nkaginieme, the President, Total Support Energy, Independent Power Producer (IPP) company, Aba, Abia, says the firm will energise no fewer than 12,ooo shops in Ariaria Market within the year.
TBI Africa said Nkaginieme made the disclosure to the News Agency of Nigeria (NAN) in Aba on Thursday.
According to him, 4,000 shops have already been connected with stable power supply.
He said the desire to ensure smooth running of the project to benefit the traders and Aba residents was behind the company’s demand, adding that the traders should be faithful in their financial obligations.
He said that the traders’ financial faithfulness would ensure strong financial backbone for the company, noting that the company on its part would not default.
Nkaginieme said that Total Support’s contract with Wema Bank as an investor would end after five years during which the bank would have recouped its investment as agreed and thereafter pull out.
He said the Federal Government’s Energising Economies Initiative supervised by the Rural Electrification Agency immensely enabled his company to execute the project without much stress.
“Our future deployments as we ramp up towards 10MW of power and connection of more than 37,000 shops – beyond the presently connected 4,000 shops – will include other renewables like solar, and other hybrid sources.
“Ariaria Market Energy Solutions – (AMES) is a special purpose vehicle set up to provide constant power to the great traders of Ariaria Market.
“AMES was formed by three Nigerian companies – (Candesco-Metering; Taleveras-Disco and Totalsupport Energy-Genco) represented by Otu Hughes; Oghens Sanomi; and Dr. Ubani Nkaginieme.
“AMES is responsible for design, funding, constructing, metering, operating and maintaining the project,” he said.
Mr Obiyo Agu, the Project Manager for Wema Bank overseeing Ariaria IPP plant, confirmed that Wema had an agreement with the plant’s managers to recoup its investment in five years.
Agu said that Total Support had the right to determine whether to continue having Wema as investor or just as its bankers.