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Last week the Oyo State Government, Nigeria, and Highland Energy Solution Services Limited (HESSL) announced a partnership to invest via a Build, Operate and Transfer (BOT) contract in a waste-to-energy project.
The total investment of the project to be financed solely by private resources is $25 million.
The Deputy Chief of Staff to the state Governor, Mr. Abimbola Adekanbi, said last week at a press conference to unveil the investors in Ibadan that the project would be handed over to the state government or renewed after the first 25 years of operating the company by the HESSL.
The site of the project is at Ajakanga village in Oluyole Local Government Area of the state.
The Chief Executive Officer of HESSL, Akinpelu Shogunle, said the aim of the project was to put the state at the top of electricity generation where adequate and needed megawatts would be guaranteed.
It was also announced that Stanbic Bank will provide project financing.
After completion, the project would be left to the Ibadan Electricity Distribution Company (IBEDC) while the National Electricity Regulatory Commission (NERC) would be in charge to regulate the charges.
The state has committed to provide land, motorable roads, water and other social amenities to the private investor.