Determined to ensure a 24-hour power supply in his state, Cross River State governor, Prof. Ben Ayade, has signed a Memorandum of Understanding (MoU) with SkipperSeil Limited of Dubai, United Arab Emirates.
The signing of the MoU was the highlight of a threeday Middle East Electricity Exhibition programme, which took place in Dubai, United Arab Emirates.
According to the MoU, SkipperSeil is to establish a solar farm to produce 100 megawatts of electricity for Cross River State. Besides providing a bankable land as equity, Cross River is also expected to make available $1 million to kick-start the pilot scheme, while SkipperSeil, on the other hand, is to invest $15 million in the project.
In line with the MoU, Cross River has a 30 percent stake in the business, while the investors will be controlling 70 percent holding.
Governor Ayade signed the MoU on behalf of the state while Sachdeva signed on behalf of his firm.
During the signing ceremony, Ayade expressed the hope that apart from guaranteeing 24-hour electricity supply to Calabar and its environs, the project will also generate massive employment and boost its internally generated revenue.