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Consortium to invest $600 million in Nigeria’s power distribution
- 12 years ago (2011-09-16)
- David Flin
The Nigerian Electricity Regulatory Commission (NERC) has announced that a consortium including the US power company Symbion Power, and Finagestion of France, were set to invest $600 million into Nigeria’s distribution network and generation plants.
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The consortium, Pro-Global Power, has been qualified to participate in the ongoing bid for the Enugu and Abuja distribution companies.
Okigwe Ofoegbu, Managing Director of Pro-Global Power, said that in addition to bidding for Enugu and Abuja, the consortium was also bidding for the Geregu Thermal Power Plant in Kogi state. Ofoegbu said that Pro-Global Power had galvanised funds from private equity fund managers in the USA as well as the US Export-Import Bank to ensure consistency in funding its projects in distribution networks.
Sam Amadi, Chairman of NERC, said that the Nigerian power sector was gradually evolving to attain a zero percent policy reversal on efforts of the government to open up the sector for private investment. He added that most of the risk factors like Power Purchase Agreement associated with the sector were being resolved by relevant agencies of the government to ensure returns on investment for expected investors.