The initial phase of the Magboro Power Plant commenced on Monday, October 28, 2024, with the official signing of a 30 MW power purchase agreement between Bresson A S, Magboro Power Company, and the Ibadan Electricity Distribution Company (IBEDC).
Premium customers around Magboro and Mowe are expected to benefit from uninterrupted electricity within 11 months, thanks to the partnership between Bresson and IBEDC, which will offer electricity at rates below current Band A charges.
Designed as a 90 MW facility, the Magboro plant anticipates its first Titan 130 Solar Turbine shipment by April 2025.
Engr. Francis Agoha, Acting Managing Director of IBEDC, noted that the collaboration aligns with the company’s goal of enhancing customer energy supply.
“This agreement is a major milestone in our ongoing effort to provide reliable and affordable power to Magboro and surrounding communities,” he remarked. “We are dedicated to partnerships that bring progress and address power challenges within our service areas.”
Dr. Gbenga Hashim, Chairman and CEO of Bresson A S, expressed gratitude for the progress on the Magboro Power Plant project, a vision that began nearly 20 years ago.
Magboro Power Company Limited, a respected independent power developer, plays a key role in this venture.
Notable attendees included Mr. Austin Avuru, founding MD of Seplat Petroleum; the Traditional Ruler of Magboro, Oba Adio Ademuyiwa; Ogun State Governor’s Special Adviser on Energy, Jide Onakoya; as well as key figures from banking, including Mr. Moli Mitchelli, Bresson’s Director, Mr. Vincent Gueneau, and various industry leaders.
