The Lagos State Government and Fidelity Bank Plc, at the weekend, unveiled the expansion of the distribution network of the Island Power Project (IPP).
The expansion of the power project was to increase power supply to more government facilities in the area.
While the IPP still maintains its 10 megawatts capacity, its distribution network was increased. The plant runs on natural gas. The extension of the plant increased the power distribution network from 18kilometres to 57kilometres. Also, the number of substations was also increased from 22 to 120 while the number of Lagos state facilities powered by the project was increased from 10 to 38. It also increased the amount of public lightening from 12.6 to 70.7kilometres.
The project was financed by Fidelity Bank Plc.
The Group Managing Director/Chief Executive Officer, Mr. Reginald Ihejiahi, described the project as the evidence of vision, followed by creative implementation of the Lagos State government.
Ihejiahi said the bank would continue to support more power projects in the state and in other parts of the country.
“The important thing for us as a bank is that this is not just about capital, it is about the people. It is because the people who travel on Carter bridge, the people in the hospital and others around Lagos Island can now go with confidence because there is light.
“It is because people who want to start small businesses will no longer be worried by power. It is because people in the areas served by this power plant can live like other human beings and these are the things that give Fidelity Bank a lot of pleasure,” he explained.
Fidelity Bank had in 2010, financed the Akute Power Plant which increased water supply in the state. Also, about a fortnight ago, the Alausa Power Plant, also financed by the bank was inaugurated.
“I can promise you that so long as the vision we see in Lagos state is accompanied by discipline and creative implementation, Fidelity Bank will continue to support the state,” he added.
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