Business

TCN: Company raises $2billion for 20,000mw expansion

TCN: Company raises $2billion for 20,000mw expansion

The fund is also earmarked to help in the rehabilitation of the country's national grid infrastructure.

The Transmission Company of Nigeria (TCN) has secured about $2 billion for the expansion of its transmission capacities up to 20,000 megawatts within the next three years.

The fund is also earmarked to help in the rehabilitation of the country's national grid infrastructure.

This was disclosed by the company's Managing Director, Usman Gur Mohammed, at the power sector stakeholders' meeting in Kano presided by Minister of Power, Works and Housing, Babatunde Fashola.

He revealed that some of the facilities under the company's care are outdated or inadequate to handle power generation, thereby causing hindrance to its optimum capacities.

While addressing questions from journalists, he revealed that the fund for expansion was raised from the World Bank, African Development Bank, Islamic Development Bank, Japanese Agency for International Cooperation (JAICA), and the European Union.

According to him, "Last week, we advertised for transformer capacities for Kano, Kaduna, Lagos, and Shiroro regions. These are part of the projects we have been able to raise from the multilateral regions, and the total capacity we are working towards achieving is 20,000 megawatts in the next three years.

"We have also restarted some projects that had not been doing well like the Abuja Transmission Ring Project, which is supposed to put three substations within the capital territory, and provide another avenue for supply from Lafia.

"We have also resuscitated the JAICA project that had been on the drawing board for a long time. Those two projects plus the project that we are going to raise now is about $1.55billion."

On the challenges facing the company in its expansion bid, Mohammed said, "We discovered that right of way is a big problem in Nigeria, and actually it is a national issue. In trying to expand the capacity of transmission, we started collaborating with the states in every area that we are putting significant capacity.

"As part of these projects and investments, we have raised to expand the transmission lines from Shiroro to Kaduna, and from Kaduna to Kano. We are putting a cord line that will carry 2,400MW capacity. We have never had that kind of capacity in Nigeria."

Source: Business

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

More in Business

Heritage Bank: Financial institution not involved in management fraud

adminAugust 28, 2017

NNPC: Corporation says 98% of documents in crude sale transactions are fake

adminAugust 28, 2017

Oil And Gas: US Agency approves N360m grant for development of modular refinery in Nigeria

adminAugust 14, 2017

Power Generation: FG commissions 1,000 km gas pipeline

adminAugust 7, 2017

Kemi Adeosun: 10 things Finance Minister said about paying tax

adminAugust 7, 2017

CBN: Apex bank injects $195M forex intervention

adminJuly 31, 2017

Godwin Emefiele: CBN not ready to cut interest rates, says Governor

adminJuly 24, 2017

CBN: Apex bank boosts foreign exchange supply with $195M

adminJuly 17, 2017

National Bureau of Statistics: Nigeria’s inflation drops to 16.10 % in June – agency

adminJuly 17, 2017

Copyright © 2016 NigeriaOnline.