General Electric will support Bresson AS in providing Nigeria a 500 MW power plant. Announcing the news, Mohammed Mijindadi, Managing Director of Gaspower Systems, an arm of General Electric (GE), said: “the project has tremendous economic value, and that is why GE Capital is involved in structuring finances for Bresson 500 MW project”
GE will determine the combination of net financial and bank loans and equity needed for Bresson to develop its plant.
The developer plans to add 500 MW to the national grid in order to deal with the power crisis which the country currently faces. This represents 10% of the country’s actual available capacity. It will be provided by the Magboro plant (in the Ogun state), among others, and should be available in the second quarter of 2017.
Gbenga Olawepo-Hashim, Chairman of Bresson Nigeria, commended the federal government to remove the different barriers that delay administrative procedures, such as the signing of power purchase agreement.