NIGERIA – Egbin Power Plc, a power generating company, has announced that it plans to raise the sum of US$1.8 billion in a bid to increase its present generating capacity from 970 megawatts to 1,320 megawatts in its second phase growth plans.
“The plan is to raise the fund to be available to kick off,” the company said in a statement, adding that it is looking at a combination of debt and equity to achieve funding requirements,” the company stated.
The project involves the construction of approximately 875 Kilometers (KM) of 330 Kilo Volt (kV) and 24 KM 225 kV transmission lines from Nigeria to Burkina Faso, through Niger and Benin with associated substations.
It is being developed by the governments of Nigeria, Niger, Togo, Benin and Burkina Faso and would be financed by the African Development Bank (AFDB), Agence Francaise de Development (AFD), the World Bank and the Federal Government of Nigeria.
Nigeria’s Minister of Power, Mr Sale Mamman, stated that the West African Power Pool (WAPP) sub-regional interconnection project, a 330 kV North Core Power Project, would costs stakeholders US$568 million to complete.
Meanwhile, the Nigerian National Petroleum Corporation (NNPC) and Egbin Power Plc have pledged to collaborate towards ensuring sustainable power supply and boosting Nigeria’s energy transition through optimisation of gas-to-power initiatives.
The Chief Operating Officer, Gas and Power, NNPC, Yusuf Usman and Chairman, Board of Directors, Egbin Power Plc, Temitope Shonubi, announced both organisation’s commitment to transforming the power sector during a facility visit by the NNPC team to the power plant.
Usman said the NNPC was committed to deepening gas utilisation in Nigeria, adding that the turn-around of Egbin Power post privatization was very impressive and indicative of the expertise and huge investment injected by the Sahara Group into transforming the thermal power plant.