Power sector gets Skye Bank investment boost
THE nation’s power sector is set to receive a major boost with the funding support for the sector by the Skye Bank Plc.
A prominent player in project and infrastructural financing over the years, Skye Bank has helped corporate organisations, individuals, local, state and the Federal Government to fund developmental programme which have direct and beneficial impact on the people. The bank’s intervention cuts across all sectors and there are memorable footprints in this regard.
In the latest financial support, the bank is bankrolling the Independent Compressed Natural Gas plant project in Rivers State. Skye Bank Plc is the lead financier and banker of the project. In addition to providing funds for the project, the bank also provides advisory services.
The bank believes that the project is a turning point in the history of Rivers State as Nigerians will have access to low cost, long lasting energy for industrial and residential users, as well as a cleaner and healthier environment.
According to officials of the bank, it took the decision to partner with the company because of the bright prospects it holds and the multiplier effects it will have on the economy.
The scope of the venture include deployment of gas processing facility to clean and compress gas, before conveying CNG in specialized trucks to proximate market places and construction of mother and daughter stations at owner’s site and client’s site which is used to transport gas from a gas node to client’s site.
Thus, the gas produced can also be used to power cars thereby ensuring a greener means of transportation. The project is in conjunction with the international leading Engineering Procurement and Construction (EPC) Company and it is a pioneer project within the region.
Skye Bank said it believed the project will revolutionise the manufacturing and transportation industries because of its confirmed potentials and benefits to these sectors. The project is also in line with the government’s objective of making available to Nigerians the benefits of sustainable energy which is the only form of energy that is long lasting, nature and environment-friendly as opposed to organic fuels.
“We understand the challenges of the industry and investment opportunities that exist in it. Our broad transformation strategy supports meaningful partnership with government agencies and institutions to execute their primary mandates,” Head, Corporate and Strategic Planning, Skye Bank, Tajudeen Ahmed said.
According to him, the aim is to attract foreign investments into the state’s economy. When the project is completed, it is expected to provide gas to power several industries in the state and boost their outputs. This increase in output is expected to lead to greater revenue for the affected companies and in turn enhance their ability to generate employment and increase their capacity.
Besides, industry analysts said the project will greatly reduce the incidence of gas flaring which is prevalent in the area and help in conserving the nation’s stock of gas which can be harnessed and processed for domestic and industrial uses.