Mr Babatunde Fashola, the Minster of Power, Works and Housing said the Mambilla hydro-electric power project will be a game changer in the industry.
He said it will increase the country’s energy mix, as well as provide energy security, while also opening up the economy to various opportunities, especially in agriculture for Nigerians and the people of Taraba.
Fashola spoke at the signing of an agreement between the Nigerian government and three Chinese companies that will execute the $5.792 billion project, that will generate 3050 megawatts. The project has been on the drawing board for 40 years and moribund, until President Muhammadu Buhari revived it.
Fashola said the agreement would now propel the three Chinese companies, China Gezhouba Group Corporation (CGGC), Sinohydro Corporation Ltd and CGOC Group Ltd. into the next stage: fund sourcing for the development of the project.
The Federal Executive Council had on August 30, approved the award of the turnkey EPC contract of the Mambilla hydro power project to the three companies in the sum of 5.792 billion dollars (about (N1.140 trillion).
Fashola said that the ministry of Power would jointly execute the project with the JV partners, the Ministries of Environment, Water and Finance.
He said that the Ministry of Finance would lead the process of souring for funds to fulfill Federal Goverment’s obligation on counterpart funding.
Reports has it that the the project includes four large dams, two underground power houses of 12 units of 250MW each.
Other components of the project include the construction of two 330kv of 700 km transmission lines to Markudi and Jalingo, 120km of access roads connecting the projects sites and nearby communities and resettlement of an estimated 100,000 persons.
The project is expected to be completed within six years.