Monday, September 18, 2017

Chinese Companies To Build Nigeria's Largest Hydroelectric Project

CNN posted on 14 September 2017 a report titled "Nigeria Announces $5.8 Billion Deal for Record-breaking Power Project" by Kieron Monks.

A consortium of Chinese state-owned construction companies have agreed to build the 3,050-megawatt Mambila hydroelectric power project for $5.8 billion. This will be the largest power plant in Nigeria. China's Export-Import bank will provide loans for 85 percent of the cost and the Nigerian government will cover 15 percent. A contract in 2007 for $1.4 billion with two Chinese companies to build a smaller plant broke down soon after signature.