FG’s 1MW power generation licence waiver policy attracts U.S investors

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The Federal Government’s policy initiatives in the power sector continue to attract foreign direct investment into that sector, raising hope of for consumers.

Babatunde Fashola, the Minister for Power, Works, and Housing, recently waived licensing for power projects of 1 megawatt or less. This policy initiative is encouraging and its effect is not taking too long to see, especially with the coming of Bussbar Energy, a power company established by a team of American investors led by Bernie Conyers, into the country’s power sector.

Bussbar, according to Conyers, can provide bespoke solutions on site, pointing out that they are not the regular power generating or distribution companies. “We can make power and conservation more effective; we can generate, conserve and distribute up to one megawatt per site. So, there is no limit in theory”, he said.

He also stated that, in the next 12 months, “Bussbar has a prospect for generating, conserving and supplying a minimum of 50 megawatts of electricity to different projects on offer”. With the arrival of Bussbar Energy, hope is in the offing, not just for homes, but also for industrial concerns and new urban communities like Gracefield Island— a new island project in Lekki, Lagos which is being developed on land reclaimed from the Lagos Lagoon.

Source: Business Day


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