Themis to Build 550MW Power Plant in Ondo

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  • Themis to Build 550MW Power Plant in Ondo

Themis, an Africa-focussed power company based in Morocco, announced it will build a 550MW natural gas-fired power plant in Ondo State, Nigeria.

The private equity-backed company partnered with Kingline Development Nigeria Limited to actualize the project estimated to cost $600 million.

The company plans involve building a 550MW combined cycle powerhouse, a desalination facility, a substation and other related infrastructures at the Ondo State International Industrial Park at Omotoso, about 170 Km Northeast of Lagos State.

The projected is expected to be commissioned by 2020 and to be completed and operational by 2022. The plant will be one of the world’s lowest cost natural gas-fired power plants on completion.

On completion, the power plant will source the required gas from Ondo onshore/offshore basin.

According to Tas Anvaripour, CEO of Neo Themis, “Kingline offers compelling advantages for the Federal Government of Nigeria given its extremely competitive pricing, availability of peripheral gas and transmission infrastructure, timing to the operation, and technical flexibility.”

Nigeria currently generates 4,000 MW of power, lower than the 13,400 MW installed capacity and 15,000 MW require to service the nation.

Themis planned to sell its power generation to the state-run Nigerian Bulk Electricity Trading Company (NBET).

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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