Nigeria Signs $3.7 Bn Coal Power Project with Chinese Firm

HTG-Pacific Energy Consortium and The Federal Ministry of Mines and Steel Development have signed a $3.7 billion deal for a coal power project at Ezimo Coal Block in Enugu State and a 1,000 megawatts coal power generating plant. This will add about 1200 megawatts of electricity to the national grid within 48 months. Minister for Power and Steel, Prof. Chinedu Nebo said,“Agreater part of the funds required to carry out the project will be borrowed from foreign banks.The local banks have the capacity to fund, but there are certain things they need to put in place to make sure that their money will come back.” Nigeria’s coal reserve is estimated to be 360 metric tonnes.

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This article was first published on 22nd August 2013 and updated on September 5th, 2013 at 6:19 pm

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