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President Goodluck Jonathan yesterday in Zungeru, Niger State carried out a ground breaking ceremony of the 700 megawatts Zungeru Hydroelectric Power Plant Project.
The project which was initiated as far back as 1982 when its feasibility studies were initially conducted and submitted to the government by a United States firm, Chas T. Main International and later reviewed in 2008 by a French firm, Coyne et Bellier will cost about N162,990,364,379.30 to complete, thus, adding to the country‚Äôs total generated electricity.
Zungeru power plant is to be constructed by Chinese consortium (CNEEC-Sinohydro Consortium) within five years; total funding outlay for the project will be provided by the Federal Government and Exim Bank of China on the ratio 25:75 contribution capacity respectively.
According to the chief representative of the consortium in Nigeria, Ju Shiquan who spoke to reporters over the weekend in Abuja, processes for the smooth take-off of work at the hydro plant have been concluded, hence, the official sod turning by Jonathan.
Terms in the contract stipulates that Nigeria will provide its counterpart funding contribution which is about $309 million; the fund as disclosed by the Minister of State for Power, Hajia Zainab Kuchi at the contract signing ceremony for the project early this year, is already domiciled within the ministry of power.
Kuchi had noted then that the Ministry of Finance was expected to finalise all legal paper works to activate the 75 percent funding from the Exim Bank of China, from which work at the project site would begin.
The project when completed is also expected to generate revenue to offset the facility from Exim Bank of China.
News date: 22/05/2013