by Doyin Jaiyesimi

Things are looking bright in the power sector as the sector is attracting more  high net worth investors. Honeywell Group is the latest company to signify interest in investing in the power sector. It has been announced that the group will be investing $1billion in power generation and transmission projects across Nigeria.

Speaking about the power transmission projects, Honeywell CEO, Chris Bale said that the project will commence with the building of a 150 megawatts power plant in Ogun State. According the Bale, the plant is designed to meet the power needs of the South West. “Right now the group is approaching the next stage of development which is getting the necessary inputs together. We are discussing with Gas Aggregator Company of Nigeria. We have also gotten a Gas Purchase Order (GPO),very soon negotiation would  commence with the gas suppliers. Also, we are holding discussions with Transmission Company  of  Nigeria for a transmission line to evacuate  the power  that is  going  to be accruing from the Akute plant,” Bale said.

Honeywell Group is also bidding for some of the power assets that the Federal Government will soon privatize. Bale explained that Honeywell has a “long standing involvement in the Nigerian power  sector and also has good relationship with investors, and  for the growth of the power  sector.”, For Honeywell, this as an opportunity to deploy the group’s resources and bring the much needed  investment  in the power sector.

The power plant in Ogun state is expected to be completed in December 2014.