Friday, 19 August 2016

Geometric Power, GE conclude plans for 500Mw power plant

A former Minister of Power and Chief Executive Officer, Geometric Power Limited, Prof. Bart Nnaji, has said the firm concluded plans to build a 500-megawatt power plant, in collaboration with General Electric, at a cost of over $900m, The Punch reports.

                                                                   

He spoke in Lagos on Thursday at the 11th Annual Project Management Lecture organised by the Department of Building, University of Lagos, on ‘Sustainable Development of the Power Sector: The role of project management.’ He said the United States government’s Overseas Private Investment Corporation would invest about $213m in the project.

Nnaji said, “We are in the development phase. We started work on the project in January 2013 and by the end of this year, we will reach financial close, when all the agreements will have been closed and banks agree to put down money for the commencement of construction.”