North South Power Company
- Sector: Renewable Energy
- Country of operations: Nigeria
Nigeria’s North South Power Company is an ambitious electricity-generating company with a focus on providing renewable energy to a power-hungry continent. The company’s key asset is the 600MW Shiroro Hydroelectric Power Station, which it acquired under a 30-year concession, signed in November 2013.
North South Power plans to increase the capacity of the Shiroro plant to 720MW – part of a wide-ranging expansion strategy which also includes the acquisition of additional hydro and solar power assets. It was recently named the preferred bidder for a 25-year concession for the 30MW Gurara hydropower plant in Kaduna State and it is also developing a 300MW solar power project. In addition, North South Power is exploring the possibility of buying into the 700MW Zungeru Power Plant currently under construction, which lies downstream of its existing Shiroro facility.
“Together, this is expected to put the generation capacity of NSP at about 1,750MW over the next five years,” says Dr Olubunmi Peters, Executive Vice Chairman and CEO. “As we continue to expand our business, our workforce will continue to grow, by 30–35%.”
The company has been able to take advantage of some significant reforms to the electricity market in Nigeria in recent years, including the Power Sector Recovery Programme, a road map for the sector jointly developed by the Nigerian government and the World Bank. This is designed to improve the sector’s financial viability, increase access to electricity and encourage more private sector investment.
“This has given us the opportunity to diversify and expand our current generation’s footprint through the strategic acquisition of assets and vertical integration across the value chain,” says Olubunmi.