W/Bank, TCN agree on $486m loan for power transmission
The Interim Managing Director (IMD) of the Transmission Company of Nigeria (TCN), Mr Usman Gur Mohammed, says they have completed negotiations with the World Bank for $486 million loan to improve transmission infrastructure under the Nigeria Electricity Transmission Project (NETAP) last December.
Mr Mohammed, who spoke at the commissioning of a 60MVA transformer in Keffi recently, said the company is bent on solving a fresh challenge of reconducting existing lines to add 3,000 megawatts (MW) to its present 7,000MW wheeling capacity.
In his address issued by the TCN spokesperson, Mrs Ndidi Mbah, the IMD said the Transmission Rehabilitation and Expansion Plan (TREP) of the Federal Government seeks to stabilize, expand and provide the needed flexibility to the Distribution Companies (DisCo) to effectively supply power to their customers.
Mohammed, who addressed the dignitaries including the Minister of Power, Works and Housing, Mr Babatunde Fashola, said: “TREP has attracted significant interest from several donors.
“One of the donors which signified interest in TREP is the World Bank with the sum of $486 million. The FGN led by Federal Ministry of Finance concluded the negation of NETAP last month.
“Through this process, several transformers and substations will be completed in the first quarter of 2018.”
The TCN boss also said the Keffi substation was given a 200 per cent boost by adding the 60MVA transformer to the existing 30MVA transformer and that it would improve electricity supply across over 10 other towns.
He said the project was supported by the World Bank under the Nigeria Electricity and Gas Improvement Project (NEGIP).
“As part of the strategy of the Transmission Rehabilitation and Expansion Plan (TREP), NEGIP which was implemented for eight years had 50 per cent disbursement rate as at February 2017.
“The disbursement rate has increased to 80 per cent between February to November 2017 which is about 30 per cent in nine months,” he said.