Determined to ensure a 24-hour power supply in the state, Cross State governor, Senator Ben Ayade has signed a memorandum of undermining (MoU) with SkipperSeil Limited of Dubai, United Arab Emirates.
The signing of the MoU was the highlight of a three-day Middle East Electricity Exhibition 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 one million US dollars 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 controls 70 percent holding.
Governor Ayade signed the MoU on behalf of the state where Sachdeva signed on behalf of his firm.
During the signing ceremony, Governor Ayade expressed the hope that apart from guaranteeing 24-hour electricity supply to Calabar and it’s environs, the project will also generate massive employment and boost its internally generated revenue.
Meanwhile, a survey team from SkipperSeil has arrived the state to identify suitable location for the project.