Nigeria‘s Geometric Power will build a 1,080 megawatt power plant jointly with General Electric , with the first phase of the project generating 500 MW expected to be completed in 2019 at a cost of $800 million.
Geometric Power CEO, Bart Nnaji said the firm had also appointed London-based Standard Chartered Bank as financial advisers for the first phase of the plant.
Africa’s biggest economy broke up its monopoly on power generation and distribution by privatising the sector two years ago, hoping to attract foreign investors, but the amount of power produced has stagnated at around half total capacity.
“We have a 1,080 megawatt project … (in partnership) with General Electric. The power goes to the national grid. What we are doing is to build up power projects in this way,” Nnaji, a former Nigerian minister of power, said on Tuesday on the sidelines of a power conference in Lagos.