Nigerian Bulk Electricity Trading (NBET) Plc has signed 20-year 726 megawatts Power Purchase Agreement (PPA) to improve electricity supply and attract investment. The deal was signed with Transcorp Plc.
Zainab Ahmed, Minister of Finance, Budget and National Planning, said the federal government will remain committed to improving environment for doing business in the power sector.
The Managing Director of NBET, Dr. Nnaemeka Ewelukwa, said there was need for more investment in the power sector, adding that the new PPA would encourage long-term investment in the country.
He said Transcorp has a track record in the Nigerian power sector, stressing that the deal would enable the company to make capital investment that would see its capacity improve sufficiently.
Chairman of Transafam Power Limited, Stanley Lawson, disclosed that Transcorp spent over €50 million on the plant and that the company plans to invest another €150 million in the near future.
Lawson described the agreement as a key financial viability component of the plant
