The Ondo State Development and Investment Promotion Agency (ONDIPA), has facilitated the execution of a Joint Venture Agreement between the State Government and ASB Valiant Company Limited for the revamp, management, and operation of the ODSG 30 MW Tri-Fuel Independent Power Plant (IPP) Project at Ore International Industrial Park, Omotosho, Ore, Odigbo Local Government Area.
This was in a statement by Louis Okoh,
Communications/Press Officer
ONDIPA.
The agency is the official development and investment arm of the State Government.
The landmark JV Agreement simultaneously anchors the establishment of a phased, modular 2,000 Tons Per Day (TPD) — equivalent to 720,000 Tons Per Annum (TPA) — Small Scale Liquefied Natural Gas (SSLNG) Production Plant by Valiant Energy Limited (Subsidiary of Valiant Group, the parent company of ASB Valiant) within the same Ore Industrial Park.
This will create an integrated energy corridor with profound implications for industrialization, employment, revenue generation, and economic growth in Ondo State and the wider South-West region.
The JV Agreement was executed on Thursday, 12th March, 2026 at the Office of the Secretary to the State Government, Governor’s Office, Akure.
Present at the venue of the signing were Dr. Taiwo Fasoranti, the Secretary to the State Government, with ONDIPA team led by Mr. Emmanuel Omomowo, CEO, ONDIPA, Mr. Kola Adeniyi, Secretary/Legal Adviser, ONDIPA, for ODSG, and Dr. Ayodele Ikumapayi, President/CEO, ASB Valiant Company Limited & Valiant Energy Company Limited.
A Strategic Asset Brought Back to Life
The ODSG 30 MW Independent Power Plant represents one of Ondo State’s most significant infrastructure investments.
Between 2012 and 2014, ODSG acquired two brand-new OEM Turbomach (now Solar Turbines) Titan 130 T130 Tri-Fuel Industrial Gas Turbine Generator (GTG) units each rated at 15 MW (ISO) capacity manufactured by Solar Turbines Incorporated, A Caterpillar Company, located in San Diego, California, USA, together with a complete Balance of Plant (BoP) equipment package capable of supporting up to 60 MW of gas turbine auxiliaries.
The plant, located within the Ore International Industrial Park along the Benin-Ore-Lagos Expressway, was designed to operate on three fuel sources: Natural Gas, Liquefied Petroleum Gas (LPG), and Diesel, providing critical energy resilience.
The power plant could not be put into full utilization and operation for over eight years due to lack of a gas pipeline linking Escravos-Lagos Pipeline System (ELPS) to Ore Industrial Park and necessary Transmission Line from the Industrial Park to nearby 33kV grid/distribution network at Ore.
These form the basic responsibilities of ASB Valiant Company Ltd, with the revamp and enhancement of the power plant under the JV Agreement.
Under the Joint Venture Agreement, ODSG (through ONDIPA) retains a majority equity stakeholder in Ore Power Limited, reflecting both the substantial value of the existing plant asset and the state’s overriding public interest in the project.
ONDIPA’s role encompasses investor origination, technical due diligence coordination, legal framework development, regulatory interface, and structuring the PPP terms in alignment with ODSG’s ‘OUR EASE’ agenda — a 7-pillar policy framework of Governor Lucky Orimisan Aiyedatiwa, designed to foster economic prosperity, infrastructural development, and industrial empowerment across Ondo State.
The Agency continues to provide ongoing facilitation for all government and regulatory approvals related to the project.
Aiyedatiwa’s strategic drive to create an enabling environment for investment
Aiyedatiwa, the Chairman of ONDIPA, has been instrumental in creating the policy and regulatory environment that made this landmark partnership possible.
Under his administration’s ‘OUR EASE’ agenda, Ondo State has pursued a deliberate strategy of engaging credible and high-net-worth private sector partners to complement state resources in the delivery of transformative infrastructure.
His commitment to de-risking investment in the state, guaranteeing security of tenure for project assets, and ensuring that the right institutional frameworks are in place for public-private collaboration has been widely acknowledged by investors as a decisive factor in their choice to commit capital to Ondo State economy.
The revival of the Ore IPP project stands as a direct testament to the confidence that the current administration’s transparent governance and investor-friendly posture have inspired. Governor Aiyedatiwa’s vision of Ondo State as an industrial destination of choice — anchored by reliable power, a skilled workforce, and strategic location at the intersection of the Benin-Ore to Lagos corridor is being given concrete expression through landmark engagements such as this.
While signing the Joint Venture Agreement, the CEO of ONDIPA Mr. Emmanuel Omomowo said: “What we are witnessing today is far more than the signing of an agreement.
“This is the reactivation of a public asset that had been silent for too long. The Ore 30 MW Power Plant, (expected to be expanded to 100MW) once fully revamped and operational, will generate 30 megawatts of clean, reliable electricity to power the Omotosho industrial corridor and its environs, and with revenue expectation of between N3.5b and N4b annually to ODSG. Combined with Valiant Energy’s 2,000/TPD (720,000/TPA) LNG Production Plant, this project creates a vertically integrated energy and gas infrastructure ecosystem right here in Ore, Ondo State.
The economic value is extraordinary: we are looking at a total combined investment of over $439 million, anchored by a 3.1-kilometre x 12” gas pipeline connecting us to the Escravos-Lagos Pipeline System, an 18-kilometre 33 kV transmission line to evacuate power to the grid, and a world-class LNG facility that will create hundreds of direct and indirect jobs.
It is important to note also that the content of the JV Agreement has been passed by the Office of the Attorney General & Commissioner for Justice”.
This is what ONDIPA was established to deliver — investment and development that impact lives.
Dr. Taiwo Fasoranti, Secretary to the Ondo State Government — At the Signing Ceremony said:
“The project is expected to deliver major economic and energy benefits, including improved electricity supply, increased investment and job creation, adding that the agreement represents a formal step toward collaboration between the State Government and private sector investors to develop new power infrastructure.
The new partnership between the Ondo State Government and ASB Valiant Company Limited will revive a long-delayed power project and significantly boost electricity generation in the State. This administration is committed to ensuring that our infrastructure assets work for the people of Ondo State, and the execution of this agreement is proof that we mean business”.
Investor Profile: Asb Valiant Company Limited
ASB Valiant Company Limited, an ISO 9001:2015 certified company, was the original turnkey Engineering, Procurement and Construction (EPC) Contractor engaged by ODSG for the design, engineering, procurement, and construction of the Ore 30 MW IPP Project between 2012 and 2014.
Having built the plant from the ground up, ASB Valiant possesses unmatched engineering intelligence of the facility, including intimate knowledge of each of the two Solar Turbines Titan 130 gas turbine generator units, all Balance of Plant equipment, the electrical and instrumentation systems, and the civil infrastructure on the nine-hectare site.
Beyond the power plant, ASB Valiant, through its sister Valiant Energy Company Limited, is developing the phased, modular, and scalable 2,000 TPD (720,000 TPA) SSLNG Production Plant, processing 100 MMSCFD of Natural Gas to be co-located within the Ore International Industrial Park.
This project has received full regulatory backing, including the NMDPRA-approved License to establish the Valiant Energy proposed 100 MMSCFD (2,000 Tons Per Day) LNG Production Plant, as well as a NMDPRA Gas Shipper License for the transportation of Natural Gas from the SEPLAT facility to the Valiant Energy LNG Production Plant project site at Ore International Industrial Park, Omotosho, Ondo State — underscoring the project’s regulatory readiness and commercial viability.
The LNG facility’s first phase — comprising 2 x 250 TPD modules will require between 8 and 15 MW of power at inception, providing an immediate and guaranteed offtake for the revamped power plant. At full operation, the 2,000 TPD LNG plant will require a minimum of 60 MW of electric power, stimulating further expansion of power infrastructure in the state. ASB Valiant has also secured natural gas molecules through its subsidiary’s LNG project pipeline, with an executed Gas Sales and Purchase Agreement (GSPA) from the leading Natural Gas Production and Supply Company in Nigeria, SEPLAT ENERGY, which will be made available to the 30 MW Power Plant as primary fuel at competitive pricing, resolving one of the longstanding challenges of the project’s operationalization.
While speaking during the Signing of the agreement, President/CEO ASB Valiant Company Limited, Ayodele Olasimbo Ikumapayi described it as the parent company of ASB Valiant, an international ISO-certified Engineering, Procurement and Construction, EPC, firm, which had originally been contracted by the government in 2012 to construct a tri-fuel power plant at the Ore Industrial Park.
He explained that the power plant was completed within two years, noting that it has remained idle for several years due to the absence of key resources required for commissioning and operation.
The project, which he said began under a previous administration, is being revived under the government of Governor Aiyedatiwa through a joint venture arrangement aimed at revamping, operating and managing the facility.
Economic & Industrial Significance
The Ore 30 MW IPP, expected to be expanded to 100MW (60MW for LNG Plant and 40MW to the Ondo State Electricity Grid) and 2,000 TPD (720,000 TPA) LNG complex, representing a total investment of $439 million, constitutes one of the most strategically consequential energy infrastructure investments in Ondo State’s history.
The integrated nature of the development combining power generation with a gas liquefaction facility — creates a self-reinforcing industrial ecosystem within the Ore International Industrial Park that is expected to catalyze downstream industrial activity, attract complementary investors to the Omotosho corridor, and deliver reliable electricity to manufacturing and commercial enterprises in the region.
The project is projected to generate significant direct and indirect employment during both the construction and operational phases, while contributing meaningfully to Ondo State’s Internally Generated Revenue through utility revenues on power generated and taxation.
The transmission line component, once completed, will substantially improve power evacuation capacity from the industrial park to the broader grid, benefiting communities across the southern (and prospective to the Central) reaches of Ondo State. For the first time, industrial-grade, uninterrupted power will be available within the Ore International Industrial Park, transforming the park into a viable destination for heavy and light manufacturing, petrochemical processing, and logistics operations.
