AfDB approves $100m financing for Kainji, Jebba hydro power projects

The  African Development Bank (AfDB) has approved a financing package of $100 million, comprising an $80 million loan and $20 million equity for the rehabilitation of the Kainji and Jebba hydro plants to increase available capacity from the current available capacity of 917 MW to the installed capacity of 1,338.4 MW, The Nation reports.

A statement from the bank said the financing is rooted in the New Deal on Energy for Africa which is founded on the bank’s high 5 strategy on lighting up and powering Africa. It is also aligned with Nigeria’s national strategic priorities and Vision 2020 on improved access to electricity and diversification of energy sources.

The AfDB, through this inaugural private sector power transaction, the statement said, aims to play a role in not only increasing generation capacity, but also, and more importantly, contributing to the addition of green power to the grid in a country traditionally dependent on thermal power.

 

 

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