Chairman, ETA-Zuma Group West Africa Limited, Dr. Innocent Ezuma said the firm is shopping for $6billion to actualise its 1,200megawatts (Mw) of coal-to-power project.
Addressing reporters at the weekend in Abuja, its Executive Director, Corporate Relations, Ambassador Joseph Ayalogu, who stood in for the chairman, said the company is in partnership with credible firms from China. He ruled out any possibility of securing money from the government, stressing that the funds would come largely from both local and international private investments. According to him, the group of companies has invested over $500million so far in projects even though they are still at their development stages.
He however revealed that the company has the permit, licence and agreements for the power project in place, including approval from the Transmission Company of Nigeria (TCN). The chairman noted that what is delaying the project is tariff, because the power purchase agreement with the Nigerian Electricity Regulatory Commission (NERC) did not capture the issue of auxiliary infrastructure. Ezuma said the firm held a meeting with the Minister of Power, Works and Housing last year, adding that he agreed to review the auxiliary infrastructure in the Multi Year Tariff Order (MYTO).