The Edo State Government has signed an agreement with E5 Energy Services Limited, an indigenous energy company, to build a 100-megawatt hydropower station in the state.

The Memorandum of Understanding (MoU), which was announced on Tuesday, will have the company develop two state-of-the-art 50-megawatt power stations each in Ikpoba and Akoko-Edo areas of the state, utilising the Ikpoba and Ojirami water dams. 

In the statement, the Managing Director of E5 Energy Services Ltd, David ‘Diya Ashaolu, said the groundbreaking agreement marks a significant milestone in the state’s quest for uninterrupted power supply and economic development.

He said the PPP project, which grants the company the initial exclusivity for 36 months, will not only ensure stable electricity for residents but also create employment opportunities for the local population by boosting businesses.

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Ashaolu praised Governor Monday Okpebholo for fostering a business-friendly environment that attracts global investors, emphasising that the partnership goes beyond power provision.