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NNPC Receives $1.16m Grant From US To Finance Power Project
The Nigerian National Petroleum Corporation on Thursday announced that it had concluded arrangements with the United States Trade and Development Agency to sign a $1.16m grant as part funding for the NNPC-Abuja Independent Power Project.
It said the plant was modelled to generate 1,350 megawatts of electricity to alleviate the power challenge across the country.
This was disclosed at a business meeting between the management of the NNPC and the USTDA at the corporation’s headquarters in Abuja, where both parties agreed to close out the deal on December 1, 2019.
The Group Managing Director, NNPC, Mele Kyari, said the plan by the corporation to build the 1,350MW power plant in Abuja was part of the national strategy to monetise the abundant natural gas resources across the country.
Kyari said the USDTA grant was to complement the ongoing feed project in order to make the Abuja IPP initiative more bankable for strategic investors’ participation.
The GMD assured the US team that any money given as grant to the corporation would be fully utilised and accounted for.
He called on the USTDA to look beyond feasibility studies to actual delivery of the project, stressing that the power plant project had a lot of viable investment opportunities for all investors.
The Country Manager, Power Africa and the leader of the USTDA delegation, Jullian Foerster, said her organisation was determined to work with the corporation to sign off on the grant not later than December 1, 2019.
She said the USTDA was open to other business opportunities in the coming year.
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