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RusHydro to take part in management of Nigeria hydropower plant

September 26, 2012, 10:21 UTC+3
Nigeria is the largest oil producer on the continent and has the seventh largest gas reserves in the world
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PRETORIA, September 26 (Itar-Tass) — Russia’s energy holding RusHydro has been named one of the winners of a tender for the management of power plants in Nigeria.

The country’s Minister of State for Power Darius Ishaku on Wednesday announced the winning bids for five energy facilities of the African country.

The Kainji hydropower plant on the Niger River will be managed by Mainstream Energy group, which includes RusHydro and several Nigerian companies. Mainstream Energy has offered 50.8 million US dollars for the power plant.

Other winners of the tender are the Nigerian company Transcorp that offered 300 million US dollars for the Ughelli power plant, Nigeria’s Forte Oil (offered 132 million US dollars for the Geregu power plant), a consortium of Nigerian, Chinese and British companies (201 million US dollars for the Sapele power plant) and Nigerian consortium North-South (23.6 million US dollars for the Shiroro power plant).

The winners still must be approved by the country’s Vice President Namadi Sambo who heads the National Council on Privatisation (NCP).

Nigeria is the largest oil producer on the continent and has the seventh largest gas reserves in the world, however, it produces only 4 thousand megawatts of electricity for its population of 160 million. Two years ago, Nigerian President Goodluck Jonathan decided to privatise the state-owned energy company and sell it in parts as 11 distribution and six generation companies in order to attract private investment.

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