The CEO of Geometric Power, Barth Nnaji, disclosed on Tuesday that the firm has gone into partnership with General Electric to build a 1,080 megawatt power plant in Nigeria.
Nnaji, a former minister of power, who spoke to Reuters on Tuesday on the sidelines of a power conference in Lagos, said that the first phase of the project that will generate 500 MW is expected to be completed in 2019 at a cost of $800.
He said his firm had also appointed London-based Standard Chartered Bank as financial advisers for the first phase of the plant.
His words: “We have a 1,080 megawatt project … (in partnership) with General Electric. The power goes to the national grid. What we are doing is to build up power projects in this way”.
Nnaji said the firm was in discussions with some Chinese, European and U.S. investors and expected financial close by year-end. Construction would start early next year.
Geometric Power, which has a 141 megawatt captive power for industrial use in Abia State, said the new plant would also be located in the state.