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FG Seals N 31 billion Power deal with French Investors

By on May 16, 2012

Two French companies, Electricite de France (EDF) and Enterprise de Transporte et Distribution D’electricity  ((ETDE) have signed agreements with the Nigerian government to invest $ 200 million (N31 billion) in the power sector.

The French companies have the blessings of the government of France to undertake feasibility studies and construct a high voltage transmission line and substations worth $ 200 million.

According to a statement from the Ministry of Power, the French investors met with Professor Barth Nnaji and Mr. Sola Akinniranye of Transmission Company of Nigeria (TCN) yesterday at a conference room in the ministry.

According to Prof. Nnaji, the parties shall jointly identify and agree on a specific transmission project within the range of $100m to $200m, evaluate the feasibility for the project and thereafter select a project for implementation.

Funds for execution of the projects – the construction of high voltage transmission line and substations that would be undertaken by the contractors – is to come from the French government in the form of a grant.

The French concerns are partners to a Nigerian company, Transnational Energy and Power Systems Ltd (TEPS) whose Chief Executive, Prince Albert Awofisayo, praised the commitment of the President Goodluck Jonathan administration to transform the power sector.

“This is a sign of investors growing confidence on the power sector reform,” he said.

“We believe that the Jonathan administration is on the threshold of providing Nigerians with the true dividends of democracy and democratic leadership,” he said.