Papalanto Power Plant in Nigeria: Nigeria will construct a new 260MW power plant in a deal arranged by Lafarge Nigeria Limited
The Nigeria Minister for Power, Mohammed Wakil, has signed an agreement for construction of a new 260MW power plant in Ewekoro, Ogun state. The event underscores the need to fast-track the nation’s ongoing privatisation exercise, described as the biggest in the world.
The new 260MW power plant deal is financed by the International Finance Corporation (IFC) – a subsidiary of World Bank, Wartsila-Development and Finland-based Financial Services Company. The deal was arranged by Lafarge Nigeria Limited.
The minister also called for genuine investors to take advantage of the current Nigeria’s conducive environment in terms of legislative framework, market depth and political will to invest in the country, because it assured them of high returns on their investment.
According to Lafarge CEO, for Nigeria and Benin, Guillaume Roux, the new 260MW power plant project would be realised in record time. Lafarge has been in the forefront calling for additional power generation, and has announced a commitment to release additional power from its cement plant to the national grid. The 260MW power plant is expected to produce at least 220MW which will be channeled to the national grid.