The Managing Director of Summit Hills Estate Development Services Limited, Mr. Joseph Edet (LA’SHAKARA) received a delegation of investors today at the Summit Hills. Speaking while welcoming the delegation led by Mr. Donald Dunu of Chord Power And Engineering Services Limited in the company of Chudi Obianu, Vice President A.P Moller Capital and Ebbe Hamilton, Senior Advisor A.P Moller Capital, the managing director of Summit Hills emphasised the need for Summit Hills to have access to steady, clean and stable electricity as it will improve the status of the complex and make it the number one destination for convention, wellness, golf and residence in Nigeria and Africa as a whole.
He also pointed out that with the hospital, 5 star hotel and recreational Park projects coming up in a short while, the energy demand of the complex is bound to soar and depending on diesel powered generators which are not cost and environmentally friendly was not going to be an option to be explored.
Also speaking, the Director General of Cross River State Investment Promotion Bureau, Barr. Tutu Ekeng welcomed the investors and assured them of the investment friendly nature of the state. She emphasised the desire of the Sen. Prof. Ben Ayade(Ksji) led administration to decouple the state from being a civil service dependent state to an industrial and enterprise minded state.
The Commissioner of Power Mr Victor Agwu who was also present at the meeting said that the government places emphasis on industrialization of which power is a core enabler, that government believes that the project is viable and doable and thus is ready to render assistance to meet the project target.
During a presentation made by the leader of the investors delegation Mr. Donald Dunu, he stated that what the project portends is that Summit Hills will receive electricity for usage and re-supply to their tenants using a Low Cost Entry Model where the management of Summit Hills will not need to invest money to procure, train and manage the power facility. The electricity will be sold at a price that hovers around the DISCO tariff such that it will make the re-sale tariff to the facilities, industries and organizations operating in the Summit Hills Complex very attractive while allowing Summit Hills management to generate revenue from the resale of the electricity. He also stated that feasibility studies had already been carried out to ascertain the efficiency, environmental impact, availability and load acceptability. Mr. Donald Dunu revealed that upon signing of a Power Sale Agreement, his company will go ahead to provide an initial 2MW of guaranteed electricity supply to Summit Hills via a robust next generation captive power plant to be fired by compressed natural gas (CNG) within four months.
The Vice president of AP Moller Capital, Mr. Chudi Obianwu said that AP Moller has an infrastructure investment fund of $1B (One billion dollars) and looks forward to invest in Africa in impactful ways, the provision of clean and cost effective power being part of their goals. He expressed delight over the project and promised to find more innovative ways to work with Summit Hills and Cross River state by extension.
The Special Adviser to the governor on technical. Hon. Eric Akpo thanked the investors delegation and assured them of governments support towards the successful implementation of the project once all technical details have been put in place to ensure sustainability and make sure that global standards are met.
In his vote of thanks, the Managing director of Summit Hills restated the fact that Summit Hills is diverse and must be made viable. He thanked the investors for considering Summit Hills and Cross River State and finding it worthy of their investment.
The meeting ended with a tour of Summit Hills facilities including the Calabar International Convention Centre.