Egbin Power Plc, one of the largest power generating companies in Nigeria, announced that it plans to raise the sum of $1.8 billion in a bid to increase its present generating capacity from 970 megawatts to 1,320 megawatts in its second phase growth plans.
This was disclosed by Bloomberg in a report on Friday, citing that the company also plans to export electricity with its increased generating capacity.
READ: Afam plants: FG signs Share Sale, Purchase Agreements with Transcorp Plc
What the company is saying
“The plan is to raise the fund to be available to kick off,” the company said in a statement, adding that it is looking at a combination of debt and equity to achieve funding requirements.
“We would have a state-of-the-art facility that is generating clean energy sustainably and paving the way for seamless energy transition in Nigeria and beyond,” they further stated, citing plans to export the electricity generated through the West African Power Pool.
READ: Afam Power might face liquidation if NBET refuses to pay its debt
In case you missed it
Nairametrics earlier reported that Egbin Power Plc announced that it recently hit the highest peak production of 970 MW and plans to add between 1,750MW and 1,900MW in its Phase Two investment expansion plan.
In a recent report also, Nigeria’s Minister of Power, Mr Sale Mamman, stated that the West African Power Pool (WAPP) sub-regional interconnection project, a 330 kV North Core Power Project, would costs stakeholders $568 million to complete.
The project involves the construction of approximately 875 Kilometers (KM) of 330 Kilo Volt (kV) and 24 KM 225 kV transmission lines from Nigeria to Burkina Faso, through Niger and Benin with associated substations. It is being developed by the governments of Nigeria, Niger, Togo, Benin and Burkina Faso and would be financed by the African Development Bank (AFDB), Agence Francaise de Development (AFD), the World Bank and the Federal Government of Nigeria.