Thursday, 07 December 2023 05:59

‘CBN’s N122.223bn Power Intervention Projects Ready Next May’

The much anticipated Central Bank of Nigeria (CBN)’s power intervention projects will be ready by May, 2024, according to Project Management Office, Transmission Company of Nigeria (TCN), Engr. Engineer Matthew Ajibade, 

The N122.223 billion projects, which cut across the states of the federation, aim to resolve the transmission and distribution interface bottlenecks to improve supply to end users and unlock the unutilised generation capacity in the country.

 

Ajibade, who led the CBN, Nigeria Electricity Regulatory Commission (NERC), NESI and other stakeholders on tour of the projects sites in Lagos on Wednesday, noted that, manufacturing process for most of the contacts is scheduled to be completed early next year 2024 to pave way for shipment and delivery.

The projects, when completed, will enhance delivery of about 1,500MW of power nationwide.

Recall that the Central Bank of Nigeria (CBN) had, in August this year, approved the sum of N122,289,344,369.39 for intervention in the nation’s power sector.The loans were accessed by the 11 electricity distribution companies at 9 % interest rate from the Central Bank of Nigeria(CBN).

According to Ajibade, so far, N85.4billion of the approved sum had been disbursed to 53 contractors to execute the projects.

 

Already, 10 of the power transformers have been delivered while the rest ranging from 150MVA, 100MVA and 60MVA are expected to be delivered and installed on or before May 2024.

“This intervention is anchored on firm Service Level Agreements (SLAs) between TCN and DisCos on the one hand and DisCos and their customers on the other hand. The facility was given to Discos to invest in TCN Networks by virtue of NERC regulation that permits third party investment in the Electricity Network. 

 
 

Payment for the loan would be a net off from the TCN monthly invoice to DisCos. The project implementation Office (PMO) is resident in TCN for effective implementation”, he stated. 

However, seven contractors that have finished with offshore production process are; Skipper Nigeria Ltd (BEDC), GTA Engineering Nigeria Limited for PHEDC network, T&D West Africa Ltd (IKEDC), Lagacee Power Ltd (AEDC), Bussdor & Company Ltd (AEDC) FOSAB Global Energy Services Limited PHEDC and Beam Energy Ltd (EKEDP). 

Some consignments containing Power Transformers have been delivered to Gwagwalada, Oworonsoki 132/33KV Substation and TCN Ojo store in Lagos by Contractors.

CBN’s representative and Assistant Director/ Head Infrastructure Finance Office, Tumba Abdulrazaq Tijani, applauded the commitments of the contractors, saying, execution of the projects within a short time of accessing funds surpassed the bank’s expectations.

He noted that the projects, when completed, will impact positively on electricity deliveries by discos to consumers across the country.

 

The projects include eight 150MVA, 19 of 100MVA, 67 of 60MVA, three Re-conductoring existing Transmission lines (Conductors & Accessories) of 517.5 km, 24 contracts for upgrading Existing 132/33KV Substations and construction of 50 of 33KV line bays.

[Leadership]



Join us on Whatsapp Channel Subscribe to Telegram Channel