US, Korean consortium to invest $10bn in 4,185MW Ebonyi IPP
A consortium of investors from the US and South Korea has offered to invest the sum of $10 billion in the Ebonyi Independent Power Project (EIPP) by the end of September.
The investors made commitment to invest in the Nigerian energy sector Thursday when the delegation led by Terey Moreland, Chairman Hodges and Bakersfield Limited, paid a visit to the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha. Moreland told the SGF that their legal and management partners had evaluated that the project would be carried out in three phases.
The EIPP is a public-private partnership between Hodges & Bakersfield Limited and the Ebonyi State Government and seeks to develop a 4185MW Power Plant to be sited at the West Bank of the Cross River on Oferekpe/Akahufu Inyimagu land in Ikwo Local Government Area of Ebonyi State.