Nigerian energy firm Geometric Power signed a deal with US-based General Electric to develop a 1,080MW power plant in the country.

The first phase of the project will have a power generation capacity of 500MW, which will be built by 2019, at a cost of $800m.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Geometric Power CEO Bart Nnaji was quoted by Reuters as saying that UK-based Standard Chartered Bank will be acting as financial advisers for first phase development of the energy facility.

Nnaji said: "We have a 1,080MW project … (in partnership) with General Electric.

"The first phase of the project will have a power generation capacity of 500MW, which will be built by 2019, at a cost of $800m."

"The power goes to the national grid."

The African nation decided to open up the power sector to private companies two years ago. This plan backfired however, with power production in Nigeria dropping to almost 50% of the total capacity.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Construction for the new facility is likely to start from 2016, for which, Nigeria is in talks with investors from China, Europe and the US.

The facility will be developed in Abia State, south-east Nigeria, following its financial close by year-end.

Geometric Power owns 141MW captive power for industrial use in Abia State as well.

Installed power capacity in Nigeria fluctuates around 6,000MW to slightly more than 7,000MW.

The country, which has a population of around 170 million, suffers from severe power shortages, which had been hindering its development.

Russia’s Rosatom is also expected to assist the country with new nuclear power developments, for which discussions are going on.