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NNPC secures $1.16m grant from USTDA for 1,350mw power plant

NNPC secures $1.16m grant from USTDA for 1,350mw power plant
NNPC

By Michael Eboh

The Nigerian National Petroleum Corporation, NNPC, yesterday, said it has secured a $1.16 million grant from the United States Trade and Development Agency, USTDA, being part funding for the 1,350 megawatts, MW, electricity NNPC-Abuja Independent Power Project, IPP.

In a statement in Abuja, Group Managing Director of the NNPC, Mallam Mele Kyari, disclosed that the USDTA grant was to complement the ongoing feed project in order to make the Abuja IPP initiative more bankable for strategic investors’ participation.

Also read: NNPC saves over $3bn from arbitrations

He stated that the plan by the NNPC to build the 1,350mw power plant in Abuja was part of the national strategy to monetize the abundant natural gas resources in the country.

He said, “As a state-owned oil company and enabler organization, we know that our investment in the Abuja 1,350mw IPP will increase energy supply level with great impact on the nation’s economy. Therefore, the USTDA grant is timely to make it a bankable project that would attract foreign direct investment into the country.”

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