South Korea to invest $30bn in Nigeria’s power sector


A South Korean company, High Quality and Marketing Company(HQMC), in conjuction with their Nigerian partners, Samie Holding Limited, is to invest about $30 billion in the next 10 years to produce 10,000 megawatts. President of HQMC, Monn-Sang Kim, stated this before signing a Memorandum of Understanding (MOU) with the Minister of Power, Professor Chinedu Nebo. He stated that HQMC was going to produce 1000 megawatts every year, starting from January 2014 through solar energy.

Kim said that the objective of the MOU was the development of megawatts with Battery Energy Storage System (BESS) of electric power generation capacity in Nigeria through the cooperation of the Nigerian government and HQMC. He said: “The projects shall be developed following an Independent Power Producer (IPP) model, whereby a special purpose project company shall be established for each project to facilitate equity investment by the parties and third party investors.”

Speaking at the event, Minister of Power, Professor Nebo, stated that Nigeria was very eagre for electricity generation, but wanted to work more with producers of renewable energy.
Nebo said he was happy that the investment would yield growth and provide jobs and skills for Nigerians. He assured the South Korean investors that he guaranteed them that Nigeria was a good place to invest in. Also speaking, the Managing Director of Samie Holding Limited added that the project was going to spread across the six geopolitical zones.
He said: “We would build, operate and transfer this project to the government of Nigeria.”