Plateau, group partner on energy sector investment

By Agency Report

The Plateau State Government has partnered the PUTTRU Group to meet the energy needs of the state to boost industrialisation and productivity.

This is contained in a statement jointly issued by both parties and signed by the PUTTRU founder and Chief Executive Officer, Ms Monica Maduekwe, on Tuesday in Lagos.

PUTTRU is an investment platform that connects energy and power sector businesses in Africa to funds.

Its core mandate is to remove bottlenecks in private-sector investment and, by so doing, to mobilise finance for energy sector development on the continent.

The News Agency of Nigeria (NAN) reports that PUTTRU signed a Memorandum of Understanding (MoU) with the state government to develop and implement its energy sector goals.

The statement said the MoU signed on behalf of the state by the Managing Director of the Plateau State Energy Corporation, Mr Ponzing Gamde, and the founder of PUTTRU, Maduekwe, would commence in 2025.

It stated that PUTTRU would mobilise financial resources for the state’s energy sector projects in the form of grants, concessional loans, and equity, based on terms acceptable by the partners.

It added that PUTTRU would provide technical assistance to strengthen the state’s internal capacity and organisational ability to execute these objectives.

The Plateau State Energy Corporation was established to develop the state’s diverse energy resources and achieve energy security.

“In line with its mission to accelerate and attract investment in Plateau’s energy sector, the partnership with PUTTRU will result in an investment master plan for the sector,” said the statement.

It added that the partnership would target enhancing energy production by ensuring the development of diverse natural energy resources in the state-hydro, solar and wind.

According to the statement, the partnership will diversify the state’s rural electrification goals to local communities; promoting alternative and eco-friendly energy alternatives for cooking and transportation.

The partnership is coming on the heels of two bills signed into laws by Gov. Caleb Mutfwang, namely, the Plateau State Energy Corporation and Plateau State Electricity Market.

The laws will facilitate generation of adequate electricity, including from renewable energy sources, to meet the needs of the public and to enable surplus sales to neighbouring states.

“At PUTTRU, we are impressed by the efforts of the Plateau State Energy Corporation, led by Mr Ponzing Gamde, to position the state as a leader in electricity generation and supply innovation across Nigeria,” the statement quoted Maduekwe as saying. (NAN)

Leave a Comment

Your email address will not be published. Required fields are marked *