Energy and Power |

Nigeria Kicks Off Power Sector Revamp Agreement With Siemens

LAGOS (Capital Markets in Africa) — Nigeria President Muhammadu Buhari has kicked off the next phase of a deal with Siemens AG to upgrade the nation’s dilapidated power infrastructure. The government of Africa’s largest economy and the German engineering firm signed an agreement last July to rehabilitate and then expand the country’s electricity grid. Only about 60% of residents have access to power and even those who do are plagued by regular blackouts. Buhari directed…

Zimbabwe Power to Draw Down $199 Million for Hwange Expansion

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – The Zimbabwe Power Co. will draw down $199 million from a China Export-Import Bank loan in April to begin building additional units at the Hwange Thermal Power Station, acting Managing Director Joshua Chirikutsi said. Upon completion, the $1.5 billion units 7 & 8 will add 600 megawatts to the existing 920-megawatt plant, Zimbabwe’s biggest. ZPC and Sinohydro Corp. will own 64 percent and 36 percent respectively of the proposed…

Nigerian lawmakers to probe national grid firm over $2 bln of foreign loans

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s lower house of parliament will investigate $2 billion of foreign loans which the state-owned national electricity grid operator may have raised without official approval, lawmakers said on Wednesday. The investigation could be a blow to efforts to improve Nigeria’s creaking power infrastructure, which is often blamed for hobbling growth in Africa’s largest economy. Nigeria privatized most of its power sector in 2013 but retained control of the dilapidated…

Nigeria Says Chinese to Build $5.8 Billion Hydropower Plant

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria said China Civil Engineering Corp. will build a $5.8 billion hydro-power station in the country’s eastern Mambila region with a capacity to generate 3,050 megawatts. China’s Export-Import Bank will provide 85 percent of the funding for the project, which is scheduled to be completed in six years, Power, Works and Housing Minister Babatunde Fashola told reporters on Wednesday in the capital, Abuja. Nigeria will contribute the remaining funds. “The scope…