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Honeywell to Invest $1 billion in Power Projects

By on August 13, 2012

The Honeywell Group, a Nigerian conglomerate with interests in manufacturing, energy, infrastructure, real estate, services and other sectors of the economy has concluded plans to invest $1 billion in power generation and transmission projects across the country.

Honeywell CEO, Chris Bale, said the first phase of the project would be a 150 Megawatts power plant in Ogun State. He said the plant is designed to meet the power needs of the South West and the company had already secured approval from the Nigerian Electricity Regulatory Commission (NERC). The plant is to be completed by December 2014.

He said: “Right now  the  group is approaching the next stage of development which is getting the necessary  inputs  together. We are discussing with Gas Aggregator Company of Nigeria. We have also gotten a Gas Purchase Order (GPO ), very soon negotiation would  commence with the gas suppliers. Also, we are  holding discussions with  Transmission  Company  of  Nigeria for a transmission line to evacuate  the power  that is  going  to be accruing from the Akute plant.”

The CEO also spoke on its bid for some power assets soon to be privatized by the Federal Government.

“Our strategy is not to depend on disco, clearly we would like to succeed in the bid process, but if we are not successful we still have these power generation projects to deal with. We see the potential  for  the housing Project  in Ogun state to be 500 megawatts, we are looking at 100mw megawatts  in Bayelsa  State, we are looking at another  500mw plant closer home  and this would be quiet the size of an investment portfolio.”

He added, “He said: “The company has a long standing involvement  in the Nigerian  power  sector and also has good relationship with investors, and  for the growth of the power  sector, so we see this as an opportunity to deploy Honeywell group’s resources and bring the much needed  investment  in the sector from outside  the country”.