Firm to drive transformative energy solutions

Renewable energy

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Nigeria's energy company, Ardova Plc, has reaffirmed its commitment to the transformative drive of energy solutions by making progress on the Apapa Terminal Redevelopment Project.

In a statement, the company stated that it embarked on the Apapa Terminal Redevelopment Project three years ago as part of its long-term plan to ensure an efficient transition of renewable and cleaner energy sources.

The project sites consist of the construction of a 20,000MT LPG storage facility, the upgrade of current fuel terminals and lubricants, tank modifications, and the upgrade of the lubricant blending plant.

It stated that Ardova had completed the front and back-end engineering, conceptual and detailed engineering design, and raised the requisite funding to complete the project.

The Chief Executive Officer, Ardova Plc, Olumide Adeosun, said, ‘‘Ardova Plc is proud to have made consistent progress on the Apapa Terminal Redevelopment Project. This is one of the outstanding initiatives that speak to our readiness in embracing a new world of value with futuristic delivery.

"This initiative has made good progress due to the relentless effort of our team and our strategic partners in offering an innovative low-carbon fuels approach to provide for the energy deficit across the West African region."

The construction of the LPG storage plant was financed through a N25.3bn Series 1 fixed rate bond initiated last year in line with the company shareholders’ approved N60bn issuance programme. The bond is the largest raised by a Nigerian downstream company indicating investors’ confidence in the company's plans.

During a presentation on its completion stage, the Chief Financial Officer, Ardova Plc, Moshood Olajide, said, ‘‘Since inception in 2019, we have made good progress with the Apapa Terminal Redevelopment Project. Presently, we have secured all regulatory approvals and the necessary infrastructure for a state-of-the-art completion.

"We also have in place a 15-million hydrant water system for hazardous purposes. Our target is to have the project ready by the first quarter of next year for effective use.’’

At its completion, the storage facility, the largest of its kind in West Africa will contribute to a 25 per cent increase in Nigeria's LPG storage capacity and support the government's plan in providing alternative clean energy sources to the populace.

Adeosun added, "We are on course to accelerate the transition to renewable energy to enhance sustainable cities and communities in line with Sustainable Development Goals. Ardova will continue to set the pace and lead the path to growth and development."

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