Proglobal International Consortium to invest $600m in power sector

Proglobal International Consortium yesterday unfolded plans to invest $600million in the country’s power sector.

The consortium comprises Finagestion – a French Utility Company, Symbion Power – a United States Board Power firm and Progblobal Power, an indigeneous firm.

The fund, according to the Managing Director of the consortium, Mr Okezie Ofoegbu, who spoke during a courtesy call on Nigeria Electricity Regulatory Commission (NERC) management, would come from private equity, public funding and international technical partners in the US and Nigeria as well.

The consortium would invest the fund in generation of electricity in Enugu distribution company and Gerugu Thermal Power plant in Kogi State after their success in the ongoing bidding and application for licence at the NERC.

He added that the fund could also be drawn from the US Export and Import Bank and African Export Import Bank .

Speaking, the NERC Chairman, Dr. Sam Amadi, assured the consortium that Nigeria has zero tolerance for policy reversal, especially with the reform in the power sector. He said as a regulator, the commission would not allow investor to incur loss, adding that NERC would ensure that the consumers’ tariffs are bearable.

Amadi disclosed that the commission was setting a new standard for the metering system.

He explained that later, the old meters would be transferred to rural electricity consumers.