A group of foreign investors from Australia, Messrs Paul Camp and Richard Vargas of United Solar Energy, are to develop a 10 GW solar photovoltaic power plant in Benue State.
The power plant is to be held under the Benue Investment and Property Company Limited BIPC.
The investors, who met with the Managing Director, BIPC, Raymond Asemakaha, in the company of representatives of the Commissioner for Justice, Public Order and Attorney-General, Justin Gbagir, and representative of Commissioner for Transport and Power, Prof. Jonathan Uhaa on Tuesday in Makurdi.
They presented a comprehensive Public Private Partnership, PPP, framework for the project to the team, which scrutinised and forwarded recommendations to the governor.
According to the framework, which outlines the terms of the partnership, the state government is to provide suitable land that will cover the entire project, plus 15 years of environmental approvals, authorizations and a signed master schedule Power Purchase Agreement, PPA, for 25 years.
Other clauses include providing asset-backed green bond security, ISPO, commercially ensuring the viability of the project, and providing tax concessions, incentives, and financial grants.
The PPP agreement will also have the Benue State Government providing access to an incentive scheme on import tax and providing adequate infrastructure, among other conditions.
In return, the Australian investors will provide 100 percent funding, provide jobs for locals, up-skill local manpower, and re-skill unemployed youths in the state.