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Monday, November 3, 2014
Oando, after being passed over as a bidder to buy state electricity utilities last year, plans to construct its own power plant in Nigeria. The plant, when operational, will have a 400-MW capacity and cost the firm $600 million to construct.
Oando Gas & Power Ltd. CEO Bolaji Osunsanya said in an interview with Bloomberg that work on the power plant will start by mid-2015 and last for about three years.
Nigeria’s power sector capacity is wholly insufficient in meeting the country’s demands. In an effort to bring the sector up to capacity the government sold 14 state-owned utility companies.
Oando’s gas and power unit operates a 228-km natural-gas pipeline network, supplying electricity plants and industrial users in Lagos and Port Harcourt. It plans to expand its network to at least 600 km, Osunsanya said.
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