Nigeria, Sinohydro Sign Accord for 3000 MW Hydropower Plant

Nigeria, China's Sinohydro Sign Accord for Power Plant
By Elisha Bala-Gbogbo - Bloomberg News, Nov 7, 2012 10:26 AM PT

Nigeria signed a memorandum of understanding with China's Sinohydro
Corp. to build a 3,050- megawatt hydropower plant on the West African
nation's eastern Mambila Plateau, Power Minister of State Zainab Kuchi said.

Sinohydro will build the power plant at its expense and operate it for
nine years before transferring ownership to the Nigerian government,
Kuchi told reporters today in the capital, Abuja.

The company will work with China National Electrical Equipment Corp. to
build another 700-megawatt hydro power station on northern Zungeru
River, with China's Export-Import Bank providing 75 percent of required
funds, according to the minister. Nigeria will provide 25 percent, or
$309 million, she said.

Africa's top oil producer and most populous country of more than 160
million people is seeking increased investments in power to meet demand
which is more than double the current output of about 5,000 megawatts.
The government has ended state monopoly of power utilities and sold
generation and distribution companies to private investors.

The two hydro power projects planned with the Chinese companies are
expected to be completed by 2014, the minister said.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at
ebalagbogbo@bloomberg.net

(See www.internationalrivers.org/node/1604 for the many false starts and
corruption involved in this project.)
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