The Nigerian government has entered into an agreement with three joint venture (JV) partners to begin the processes of executing the 3,050MW Mambilla hydroelectric power plant in the Taraba State.
Through this pact the partners comprising of China Gezhouba Group Corporation, Sinohydro Corporation Ltd and CGOC Group Ltd, will begin the next stage of fund sourcing for the development of the project, reports the Eagle Online.
In late August, the Federal Executive Council is reported to have approved the award of the turnkey EPC contract of the Mambilla hydropower project to these three companies in the sum of $5.792.
Speaking at the signing ceremony last Friday, Minster of Power, Works and Housing Babatunde Fashola, said the ministry will jointly execute the project with the JV partners, as well as the Ministries of Environment, Water and Finance.
He said that the Ministry of Finance will lead the process of souring for funds to fulfil federal government’s obligation on counterpart funding.
Hydroelectric power plant development
According to the Daily Trust, the managing director CGGC Global Projects Nigeria Limited, Zhang Wei said the project is a twin version of the Chinese Three Gorges Hydroelectric Project.
Wei said on completion, the great part of electricity consumed by Nigeria will be provided by this project, and tremendously easing the current shortage of electricity in the country.
“The world-famous Three Gorges Hydroelectric Project, with an installed capacity of 23,000MW, ranks first among all the hydropower stations in the planet, symbolising the highly advanced construction skills of CGGC.
“With strong financing ability, CGGC have helped the clients to get more than $20 billion project funding,” Wei said.