Executive Summary

There is a wide gap between the supply and demand of electricity in Nigeria. The inability of the country's electricity supply to meet the required demand includes challenges such as outdated infrastructure, corruption in the system, poor power policies from the regulatory bodies, low electricity tariffs, electricity theft due to unauthorized connections to power lines, and vandalism of electricity components. These problems created a significant economic cost to the country and put Nigeria among the nations with the highest energy poverty rates in the world. Our company intends to go into the business of generating, transmitting, and distributing electricity. Nigeria has enough natural resources to increase the energy supply and generate enough clean energy to alleviate the challenges. The country has abundant gas, water, and wind resources to produce the required electricity demand and export to neighbouring countries. InnovaPower Energy Nigeria Limited proposes to set up a 200MW, hybrid gas and solar-based Thermal Power Plant in Ondo State, Nigeria. This is an Independent Power Project (IPP). The project is planned to be constructed in Akure and Ondo cities. The objectives include a reliable and affordable power supply, reduction of greenhouse gas emissions, supporting the growth of renewable energy, economic growth, and community engagement.