The Transmission Company of Nigeria (TCN) says it has secured 1.55 billion dollars from multilateral corporations to finance its transmission expansion projects in the country, Business Day reports.
The Managing Director of TCN, Mr Usman Mohammed, said this in Kano on Monday, while addressing newsmen. He said that TCN had approached multilateral donors to raise significant finance to execute its numerous projects in the country. The donors include World Bank, African Development Bank (AfDB) the Islamic Development Bank, JAICA and the European Union (EU).
He said the sourcing of funds was also designed to realise TCN’s ambition of increasing transmission capacity by 20,000 megawatts in a few years time. He said that the provision of the funds had resulted in the resuscitation of some projects that were hitherto abandoned.
Mohammed said that the TCN was also collaborating with the state governments to resolve the problem of right of ways for transmission lines in the country. He said the company was also working to avoid stranded generation in the system. According to him, there is a stranded generation of about 2,000 megawatts in the grid.