NGPOWER-HPS a partnership between NGPOWER LTD and HPS has acquired 70% stakes in First Independent Power Limited (FIPL).
Incorporated in 2006, FIPL owns and operates power plants in River State with over 500MW installed capacity. NGPOWER LTD is a subsidiary of Sahara Power, the biggest private owner of power assets in Nigeria. HPS is a South Korean based company that is involved in Power Plant maintenance.
The new stakeholders will bring years of technical expertise, good corporate governance track record and ensure robust funding for infrastructure upgrade as well as investments in new technology to drive efficiency in FIPL. The company’s management is committed to realizing its plans to double power generation from FIPL plants by 2017 making energy available for enhanced economic growth and development in Rivers State.