Welcome To Dafy World Media

Nigeria’s ex-Power minister to build 500-megawatt Power Plant

Power Project

Nigeria’s former Minister of Power, Professor Bart Nnaji has said the US Overseas Private Investment Corporation is backing his company’s Geometric Power project with $213m.

Nnaji who is The CEO of Geometric Power Limited said the firm concluded plans to build a 500-megawatt power plant, in collaboration with the General Electric, at a cost of over $900m.

 
“We are in the development phase. We started work on the project in January 2013 and by the end of this year, we will reach financial close, when all the agreements will have been close and banks agree to put down money for the commencement of construction.”

Speaking in Lagos on Thursday at the 11th Annual Project Management Lecture at the University of Lagos, Nnaji said gas supply agreement, gas transportation and power purchase agreements, among others are very critical in the development phase of a power project.

He also stressed the need to diversify sources of power through renewable energy especially the use of coal which is currently being explored by countries like the U.S and China for power generation.