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Monday, August 24, 2015

World Bank lends support to key Nigerian gas-fired power plant

The 450 MW Azura power plant in Nigeria is to benefit from a financing agreement made with the World Bank.

The World Bank has agreed to partially guarantee $237m of debt being used to build the gas-fired power plant in Benin City, according to a statement from Nigerian Bulk Electricity Trading Plc (NBET).

The plant is expected to boost capacity in the country by 10 per cent and will provide 450 MW of electricity when it starts in 2018.
President Muhammadu Buhari, who came to office in May, has said that boosting Nigeria’s chronically unreliable power supply will be one of his economic priorities. Generation in Africa’s biggest economy peaks at 4,600 MW, the power ministry said this month. That’s about eight times less than in South Africa, which has a third of Nigeria’s population.

Investors and banks including JPMorgan Chase & Co., Standard Chartered Plc and Standard Bank Group Ltd. are lending more than $900M to the Azura project, according to NBET.

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