State Grid Corp. of China (SGCC) will fund up to $12 billion in electricity transmission projects that will be built for the Transmission Company of Nigeria (TCN) through the Niger Delta Power Holding Company (NDPHC) Ltd.’s second phase of National Integrated Power Projects (NIPP).
SGCC offered to invest the first $8 billion and then $4 billion later as equity and loan participation in key transmission projects in the second phase of the NIPP. The Nigerian government has made increasing its power production exponentially a top priority
SGCC made the offer in a consortium with its other partners, CET Power and Westron.
SGCC was founded on Dec. 29th, 2002 as a pilot state-owned corporation by the State Council. As a backbone state-owned enterprise that may affect national energy safety and economic lifelines, SGCC’s core business is to build and operate power grids and provides secure and reliable power supply for the development of the society.
In 2005, SGCC sold electric power up to 1464.6 TWh and achieved an operation income of RMB 721.4 billion yuan with a net profit of RMB14.4 billion yuan profit & tax of RMB 60.4 billion yuan. SGCC was ranked the 40th in the Fortune Global 500 in 2005.
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