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Tuesday, 12 August 2014

Nigeria, US Sign MoU To Build US$2.5bn Power Plant

At least 15,000 megawatts (MW) of electricity is expected to be added to the national grid following an agreement signed between Nigeria and Global Edison Corporation for the construction of a US$2.5 billion gas-powered plant.
The plant to be located in Anambra State is part a memorandum of understanding (MoU) signed between Nigeria and the United States (US) president’s, Power Africa Initiative.
The US president, Barack Obama, last year unveiled the Power Africa Initiative which aims to add at least 10,000MW of electricity to selected African countries. Nigeria is among the six countries selected to benefit from the initiative.
The MoU which would outline the roles to be played by Nigeria and the US was signed yesterday in Abuja by the US ambassador to Nigeria, James Entwistle, and the minister of power, Prof. Chinedu Nebo, on behalf of both countries.
Also to be achieved through the MoU is a 70MW solar manufacturing plant to be built in Nigeria.
During the signing ceremony, Entwistle explained that the initiative is about transforming the lives of Africans through increased job opportunities to be created from better electricity supply.
He further stated that the Power Africa “supports the strengthening of the energy sector through credit enhancement, grants, technical assistance and investment promotion efforts.