The recently completed Peninsula Independent Power Project (PIPP) financed by Heritage Bank will be commissioned this month.
The bank disclosed that the project is in fulfilment of its commitment to the provision of a strong backbone for capital intensive projects in the state and an affirmation of its growing stature as an emerging national bank with strong passion for financing alternative solutions, in the nation’s Power and other sectors.
The Peninsula Independent Power project, located in the Lekki Peninsula area of the state, is a Public Private Partnership (PPP) between Lagos State Government (LASG) and Peninsula Integrated Power Limited which seeks to provide alternative solutions to the inconsistent Power supply from the national grid. Managing Director/CEO of Heritage Bank, Mr. Ifie Sekibo, said the bank was proud to be part of the project conjectured by the Lagos State Government to provide power supply for businesses and industries around Lekki Peninsula.
Sekibo explained that the bank’s involvement in the project was borne out of its business objective of continuously offering ingenious financial support and advisory services on investment, project finance, business expansion, modernis ation, production process and capacity improvement and restructurings that would create multiple economic advantages for the benefits of vast majority of its stakeholders.
According to him, “the Project Finance facility granted to the Peninsula Independent Power Project was to set up 8.5 Megawatts Captive Power Generating Plant with a 22kilometre Distribution Network which has the potential of upgrading to a 25MW power generating plant that will run on Compressed Natural Gas (CNG). The Peninsula Integrated Power Project (PIPP) will provide power for the Lagos State Government (LASG) water works and public lighting within Lekki, Victoria Island and Ikoyi.”