The Osun State government has sealed an agreement with a French Company, Vergnet Group, for the construction of a 13 megwatt solar power plant.
According to the Memorandum of Understanding (MoU), the plant to be located in Oshogbo would gulp the sum of £29 million (about N6.15 billion).
The MoU for the power plant was signed in Abuja by the director-general, Office of Economic Development and Partnerships, Mr Charles Akinola, who signed on behalf of Osun state, while the chief executive officer, Vergnet Group, Mr Jérôme Douat, signed for his company. The agreement was witnessed by President Goodluck Jonathan and his counterpart from France, Mr François Hollande.
Speaking on the deal, Akinola said the project will take off in July 30 this year and would be completed between 12 to 14 months. He said the agreement is another demonstration of the resolve of the current administration to utilise partnership initiatives to bring sustainable development to the state.
According to him, the project will not only increase power supply to the people, it would also boost economic activities in the state and further attract foreign direct investments.
Under the MoU, he said, the Vergnet Group will provide technical expertise, advisory services, the project design and planning and financing plan.
In addition, he said the company would facilitate the financing of the project from the French Government, while Osun state would be responsible for identification and allocation of land for the project, contractual clearing with administrative authorities and for developing the necessary infrastructure.