A major independent power plant scheme has reached financial close and will now enter construction in electricity-starved Nigeria.
Twenty international banks and equity funders have committed $900m to the Azura-Edo Independent Power Project, a 450MW gas-fired open-cycle power plant to be built in the country’s Edo State.
A joint venture of Siemens and Julius Berger Nigeria will start building the plant, which is expected to start generating in 2018.
As many as 93 million Nigerians, just over half its population, lack electricity.
The plant will be built on the outskirts of Benin City, close to Nigeria’s biggest gas distribution pipeline, on a site accessible to the country’s high voltage transmission network.
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