Rainmaker, a Canadian based company involved with Power Generation, Pipelines, Logistics, Oil & Gas Field development, is currently seeking buyer for a 1000MW Combined Cycle Gas Power Station, situated in London, UK.
In an interview with our correspondent at the sideline of the Nigeria-Canada Investment Summit 2018 recently held in Abuja, Managing Director, Rainmaker Global Business Development UK, Karl Teviotdale, disclosed that the company was given the opportunity to sell a client’s power station based in London which was taken out of service in 2014 due to high gas prices.
According to him, the engineering contractors working on the decommissioning plans advised the owners that, due to the excellent condition of the plant, they should look for a buyer and they approached Rainmaker to help look for a buyer as they already have a track record with the client.
Karl said, “Initial market research indicated that the demand was certainly there, in particular within developing nations but what quickly became apparent was that, none of them wanted to simply buy a reconditioned power plant- they wanted a full turnkey power generation project.”
“The other major drawback was that most of the countries who needed this the most, had little or no access to the level of funding required for this scale of a project.
“This is no mean feat, so we set out to find partners who could help us put this project together, tailored to the individual clients’ needs (of which there were several interested parties) and set about arranging methods of financing the project.
“Nigeria was an ideal candidate for this type of project since it has access to domestically produced oil & gas and a real requirement for the power generation due to a high energy deficit to domestic clients (by some accounts 70-80% of the population being off-grid).
“The mission was to deliver the project at a price which would make it economically viable for all involved and to allow the knock-on effect to improve the economy of the local area and the people who live there which would in turn create revenue for the local economy and improve living standards and upgrades to the infrastructure along with the fiscal benefits for the country as a whole,” he concluded.
The plant uses combined-cycle technology that enhances fuel efficiency & reduces emissions, and has also been maintained and operated in the rigorous UK business environment, with full compliance of all regulations.
The power station has a generating capacity of powering at least 1,000,000 UK homes, or double that amount in developing nations. It could power Abuja alone.
Rainmaker has a working relationship with the owners, and has been engaged to facilitate the sale of the plant. The company can also provide project management services for each phase of the project via its partners.
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