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Nigeria : IFC plans to add 1500 MW to national grid
Publish Date : 20-Aug-2013
International Finance Corporation, IFC is planning to support investments that will put in 1, 500 megawatts of power generation to the national grid.
According to IFC Vice President for Sub-Saharan Africa, Latin America and the Caribbean, Jean Philippe Prosper, the corporation has already inked a mandate to mobilize funds for a power generation firm and intends to give similar support for others, adding that IFC moreover intends to support up to three power generation firms.
He said: "These projects will add 1,500 MW to the national grid and are part of the World Bank Group's intervention in the sector which is built into the Energy Business Plan. IFC is also considering participation in a gas-to-power project."
Under the Energy Business Plan, each World Bank group institution will power its competencies and products to deliver solutions to projects that support their viability and add to the sustainability of the power sector, he explained.
He said: "The federal government has demonstrated strong commitment to successful implementation of the power sector reform so that all the pieces of a sustainable power sector are coming together. The World Bank Group has put together an Energy Business Plan that will allow IFC, the World Bank and MIGA to help address key project structuring issues and boost power supply to Nigerians."
He added: "IFC and the other institutions of the World Bank Group are committed to supporting Nigeria with targeted interventions in the power sector that facilitate demonstration projects and boost investor confidence and contribute to better living standards."
