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.
“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, told Reuters late on Tuesday on the sidelines of a power conference in Lagos.
Nnaji said the firm was in discussions with some Chinese, European
and U.S. investors and expected financial close by year-end.
Construction would start early next year.
BusinessDay reported exclusively last month that GE has held talks
with some officials of the Buhari administration on how to quickly plug
Nigeria’s massive infrastructure deficit especially in the areas of
power, healthcare and transportation.
GE specializes in developing technology solutions for infrastructure
projects in oil and gas, power generation, healthcare, transportation;
rail transportation as well as aviation.
projects in oil and gas, power generation, healthcare, transportation;
rail transportation as well as aviation.
Its energy infrastructure segment a critical need for Nigeria –
offers wind turbines; gas and steam turbines and generators and
integrated electrical equipment and systems.
The company had revenues of about $3 billion in 2014, in Africa with
the Nigerian business responsible for 25 percent of the total.
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