… reaffirms vision towards providing sustainable energy for Africa
GEL Utility Limited, an operating asset developed and managed by Genesis Energy Group proudly commemorates a decade of innovation as it celebrates its uninterrupted Clean Power Production in partnership with the Nigerian National Petroleum Corporation (NNPC) in generating and distribution 84 Megawatts “MW” of power to the Port Harcourt Refinery Complex (PHRC).
This major milestone of decarbonization of PHRC from heavy fuel oil “HFO” operated steam turbines with natural gas operated GE turbines, signifies a decade of steadfast commitment to providing clean and reliable power solutions to fuel growth and development in Nigeria.
The 10-year partnership with NNPC Limited stands as a testament to GEL Utility’s unwavering commitment to excellence and reliability. Under the long-term power purchase agreement (PPA) signed in 2012, GEL Utility serves as a specialized vehicle to deliver the 84 MW gas-fired power plant and is entrusted with the responsibility of providing uninterrupted electricity supply to support the operations of NNPC Limited at the PHRC.
“Our 10-year partnership with NNPC Limited represents a decade of shared successes, milestones, and a shared commitment to sustainability. This milestone underscores our unwavering commitment to driving sustainable energy solutions and fostering economic growth across Nigeria,” remarked Simon SHAIBU, MD of GEL Utility. “Together, we have demonstrated the power of collaboration in driving positive change and creating lasting impact. We also have strategic expansion plans which include connecting power plants to the grid to leverage excess power and extending services to neighboring locations such as Onne Ports. By strategically expanding its footprint, GEL Utility aims to meet growing energy demands while further solidifying its position as a leading provider of off-grid power solutions.”
Since beginning operation, the power plant has maintained an exemplary safety record, with zero lost time injuries (LTI), surpassing the milestone of over a million hours without any LTI. Furthermore, Green House Gas emissions have been reduced, displacing a significant 492,720 Tons of CO² over the last 10 years. Through innovative technology and strategic collaboration, GEL Utility has not only met but exceeded the expectations set in the PPA.
As part of its N50Billion Bond issuance program in Nigeria, GEL Utility further made history in 2019 when the United State Government through USAID issued its first ever Co-Guarantee 15 Year Instrument in favour of the company’s N13Billion Series-One alongside InfraCredit. This remarkable feat then allowed Pension Funds to invest in refinancing the entire debt trench of the company.
