Olawepo Seeks Massive Investment in Power Sector
Bresson AS Chairman speaks at GE African-American Forum

The Chairman of Bresson AS Nigeria Limited, Mr. Gbenga Olawepo, has called for massive investment in Africa's power sector.

He made the call recently at the GE African American Forum, Customer and Strategic Partners' Summit in Washington DC. Olawepo was one of the guest speakers at the summit held between July 10 and 11.

According to him, ''Africa is the next best destination for Investment presenting all the necessary indices for growth; steady economic growth rate of 6 - 7%; a population of a billion people, requiring huge infrastructural support; a higher return on investment compared to similar markets and a largely democratic governments that have embarked on market oriented reforms".

The GE strategic partners summit is a forum for strategic thinking for GE leaders and partners on the development of medium and long-term business goals in Africa.

The energy panel also included Jay Wileman, President, Sub -Saharan Africa, GE Energy, the Vice-President of Combustion Associate, Kusum Kavia, Paul Hinks CEO of Symbion Power, Rumundaka Wonodi, CEO of Nigerian Bulk Electricity Trading Plc and Mike Upton, CEO of Group Five Limited.

Other dignitaries in attendance at the GE summit included Jay Ireland President and CEO, GE Africa, Walter Crawford Jones, United States Executive Dirctor, African Development Bank, the Surgeon General of the United States, Dr. Regina Benjamin, Chairman Honeywell Group, Oba Otudeko, Mugo Kibati, Director- General Kenya Vision 2030, Johnnie Carson, Assistant-Secretary, Bureau of African Affairs, William Asiko, President Coca-Cola Africa Foundation amongst others.

Bresson A.S is a pioneer IPP in Nigeria currently constructing its 90 MW plant in Magboro Lagos-corridor of Ogun State. The plant is configured on GE LM 6000 turbines.

Bresson A.S is a member of Bresson Energy Alliance, a UK company that specialises in investment in energy sectors of emerging economies.

Bresson to invest $90m in IPPs

Chairman, Bresson A.S. Limited, Mr. Gbenga Olawepo said during a meeting with the Minister of Power, Prof. Chinedu Nebo in Abuja that government had made tremendous progress in the implementation of the Electricity Sector Reform programme with the successful privatisation of some distribution and generation companies. He noted that investment in that sector had become viable and while the business environment had also been made friendly since the reforms began.

According to him, if the current momentum was sustained, power outages could become a thing of the past in the country in the next five years.

He said: "The Reform rests on two legs; Privatization of operation of existing companies and the promotion of Independent Power Generation through Greenfield IPPs. We need to see more support for the IPPs to come on stream. They are the ones that are bringing additional capacities".

He added: "At Bresson A.S., power generation is not just business but a passion driven by the realization that making power available makes industries and jobs to spring up, it makes poverty disappear and engenders sustainable development."

The company is basically engaged in the acquisition, development, ownership and operation of independent power generating facilities and had achieved remarkable feats in the expansion of private sector participation in power distribution and generation in the country.

Its strategic partnership and vision over the next decade propelled Bresson's advancement as industry leader after it successfully built a state of the art 90MW power plant at Magboro, the Lagos corridor of Ogun State.

It had over the years sought the right policy environment including the availability of a cost recoverable tariff for grid, credible off-taker and reliable fuel supply.

Independent Power firm, Bresson A.S. Limited has revealed plans to invest an additional $90 million for the construction of independent power plants in the country. It had initially invested about $10 million in the power sector.