FG, Brazil sign MoU on N144bn 700MW power plant

Source: pointblanknews.com

The Federal Government on Friday evening signed a N144bn Memorandum of Understanding with Benco Energy Limited of Brazil to construct a 700 megawatts power plant in Nigeria.

The plant, which will be built in Bayelsa State, will have a construction period of three years.

The President, Benco Energy Limited, Brazil, Mr. Rodrigo Badew, said the plant will be gas and vapour fired.

He said, “It is a 700MW plant although it can reduce to 688MW because this depends on location and environmental conditions. The investment is around $800 to $900m.

“Of course all these will be confirmed as soon as we have all the necessary investigations and have them more defined. The time schedule is supposed to be around three years to three and half years for the construction of the project.

“The location is Bayelsa because it is a terrain which is close to gas supply, transmission line and a river. So we have all the right infrastructure that we need there and this location is perfect for our investment.”

According to Badew, the power plant would basically consist of two turbines that run on gas and two others that will run on vapour.

“That is the power module of the plant that we are going to be implementing,” he added.

In his address, the Minister of Power, Prof. Chinedu Nebo, said a couple of years ago, Electrobras of Brazil and the Nigerian government signed an MoU which was aimed at bringing into Nigeria Electrobras to help the country develop as much as 10,000MW of power

He said, “What we are seeing today is the very first takeoff of the implementation of that MoU bringing Benco to work with the Federal Ministry of Power for their plant. We want to assure Benco that the terms of the MoU that we have signed today, we will do our best to implement them.”

The minister also noted that Nigeria now generates and distributes an average of 4,500MW of power.

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