EBONYI State government, on Wednesday, signed a $1.14 billion contract with Posco, a South Korean company, for the construction of independent power station. The project, with capacity to generate 2,700 megawatts of electricity when completed, will be the biggest independent power station in the country. The proposed power plant, jointly owned by Hodges and Bakers Field and Ebonyi State government, is expected be completed within 24 months. The plant is to be located on the West bank of the Cross River in Oferekpe/Akahuwhu Inyimegu in Ikwo Local Government Area of Ebonyi state. Speaking shortly after the contract was signed, the Minister of Power, Professor Chinedu Nebo said the project would boost industrial revolution in the state and the South East and enhance the development of other sectors of the economy, affirming that the plant would be the single largest power plant in the country. Nebo promised that the Federal Government would give the state necessary assistance to ensure that the project was actualized and commended Ebonyi State government for its visionary leadership. Governor Martin Elechi said the project would increase the income stream of the state by N40 billion every year, to accelerate the development all sectors of the state’s economy. He commended the Minister of Power and various partners for their cooperation to ensure the realization of the project. The Chief Executive Officer Ebonyi Independent Plant, Mr Terry Moreland and the representative of the firm constructing the project, Mr KES Sion assured of their commitment to ensure the completion of the plant. The event attracted major stakeholders in the state including the former Governor, Dr Sam Egwu, the founding fathers, lawmakers and officials of Christian Association of Nigeria.