Lagos, Nigeria — Symbion Power, one of the leading private sector partners in President Barack Obama's Power Africa initiative has joined forces with Jyoti Americas, a global leader in the execution of turnkey power projects, and Iroko Capital Partners, a Nigerian alternative asset manager and financial advisory firm, to establish Nigeria's first full service transmission solutions company, Western Sahara Transmission Company, Ltd. it was jointly announced today by the partner companies.
Western Sahara will build Nigeria's first state of the art transmission tower manufacturing facility with the capacity to produce 50,000 tons of galvanized steel lattice transmission towers per year that will displace the nation's current reliance on expensive imports from other countries. The company will be engaged in the entire power delivery value chain (including design, engineering, tower testing, tower manufacturing and construction), and will be fully equipped to handle transmission and distribution projects of any scale.
Speaking in Lagos on Wednesday, visiting Symbion Deputy Chief Executive Officer, William Olukoya told reporters, "Western Sahara is an indigenous company backed by experienced international players and will be primarily managed and staffed by Nigerians. Given the tremendous demand for power and the rapidly growing economy in Nigeria, it is essential that the country creates the local capacity to produce these towers and stay competitive in a demanding marketplace."
With a shared vision to provide for the huge power needs in Nigeria, The Honorable Minister of Industry, Trade and Investment, Dr. Olusegun Olutoyin Aganga expressed his delight stating, "This Western Sahara initiative further demonstrates the confidence of global industry leaders and investors in Nigeria, especially coming after the recently concluded World Economic Forum on Africa (WEFA). In addition, it further promotes import substitution as well as local industry and manufacturing capacity in the Nigerian power sector."
Jyoti Americas CEO, Dr. Deepak Lakhapati said, "This will be Jyoti's sixth tower manufacturing and power transmission solutions facility and we are proud that it will be in Nigeria. As business grows the company will eventually employ thousands of Nigerians. Western Sahara will rely on Jyoti's tower manufacturing and end-to-end transmission solutions know-how, and we will apply our joint expertize to the EPC part." Dr. Lakhapati continued, "We want Western Sahara to rapidly become Nigeria's leading transmission
solutions company. We believe our strategy will allow us to be competitive against international companies bidding for work in Nigeria."
Mr. Olukoya added, "We will be hiring Nigerians with the requisite background who will be trained by Symbion and Jyoti to American and international standards. Both of our companies have been motivated to make this investment by the US Government's Power Africa initiative. When President Obama announced Power Africa during his visit to Tanzania last year, he said one goal would be to bring electricity to 20 million homes and businesses. Our new company will make a significant contribution to achieving this target by producing the towers and the lines that will literally light up millions of new consumers. Nigeria is a country of 170 million people and the largest economy on the continent, yet most people don't have access to electricity. We hope to change that."
Ken Ofulue, Managing Partner of Iroko Capital Partners described the development as "an exceptionally important step forward for Nigeria's electrification program and testimony to the fact that Nigeria is a great investment destination."
ABOUT IROKO CAPITAL PARTNERS
Iroko Capital is a leading alternative asset manager and financial advisory firm with strategic relationships in Nigeria, Ghana and other key African Countries. Iroko Capital and its principals have decades of experience advising on and investing across all sectors including power infrastructure projects globally. Iroko Capital is headquartered in Lagos Nigeria.
ABOUT SYMBION POWER
Symbion Power is an American company in the electricity generation, transmission and distribution industry with operations throughout Africa. Symbion builds, owns and operates electrical power infrastructure. Our power plants supply electricity to some of the world's most critically underserved regions. Symbion also undertakes Engineering, Procurement, and Construction (EPC) work in the electricity supply sector and has worked on large-scale generation, transmission, and distribution projects in the Middle East, Africa and Asia. With a deep commitment to empowering local communities Symbion brings together the knowledge and operational know-how to succeed in the world's most challenging environments. Symbion Power is based in Washington DC, USA.
ABOUT JYOTI AMERICAS
Jyoti Americas LLC is a wholly - owned subsidiary of Jyoti Structures Limited, India, a global leader in the execution of turnkey power transmission lines, substations and distribution projects. The Jyoti Americas plant commissioned in May of 2012 and is situated on a 20-acre site in Conroe Industrial Park North, about 40 miles north of Houston, Texas.
CONTACT: Ozioma Onyeibor
Phone: 234 1 2700 900