The Anambra State Government in his relentless efforts to increase power supply needed for business to thrive in the state has signed a Memorandum of Understanding (MoU) with Zolt Energy Limited, making it the fourth MoU signed by the state government with power, oil and gas companies.

The MoUs would attract $250 million, $200 million, $65.3 million and $45 million respectively, making it a total of $560.3 million so far attracted on power generation.

Signing the MoU on behalf of the state, Governor Willie Obiano said that Zolt Energy Limited would undertake the setting up of a 40MW Embedded Power Generation Plant in Onitsha to generate and sell electricity to the Enugu Electric Distribution Company (EEDC).

He noted that the project was in line with the state government's economic objectives for power generation, adding that the project would be completed in line with state's approved plans within 18 months from kick off.

Obiano said the state would provide three hectares of land of its equity contribution regretting that the damage by the Niger Delta Avengers had thwarted the level of power generation by the EEDC.

The Governor maintained that on completion of the power project, it would bridge the gap and boost the state's power generation.

He reassured that the state government would fulfill her part of the agreement saying that the revenue sharing is based on net profit where the community where the project is situated would receive 2.5 per cent, the investor 92.5 per cent, while the state gets 5 per cent.

Other MOU signed by the state government with power generation companies include UD Integrated Petroleum Production Company (UDIPPCO), Falcon Corporation Limited (Power, Oil and Gas), Shiraan Limited Nigeria.

On his part, the Managing Director of Anambra State Investment Promotion and Protection Agency (ANSIPPA), Chief Joe Billy Ekwunife explained that the expected total investment expenditure will sum up to approximately N9.45 billion ($47.25 million).

According to him, out of the total approximation, the state's equity contribution would amount to about N450 million ($2.25 million) with the investors, investing N9 billion ($45 million).

On the benefits of the project, Ekwunife stressed that an improved power in the state would boost enterprises, from small to large as well as local economy, adding that it would also generate 250 direct and over 1, 500 indirect Jobs.

He said, “75 per cent of the job opportunity would be reserved for Ndi Anambra except with respect to highly skilled and technical personnel requirements.

“The project would create activities, increase incomes and growth and enhance the state's capacity to internally generated revenue”.

Similarly, the Chairman of Zolt Energy Limited, Dominic Ekeson expressed delight at the governor’s stride to attract investors into power sector and promised to meet the deadline slated for the project as the financial aspect of the project had been set aside.

•Photo shows electricity grid.