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Nigeria’s Biggest Power Firm Seeks $1.8 Billion to Expand Output

  • Company looks to more than double capacity to 3,000mw
  • Nigeria is continent’s most underserved electricity market

Nigeria’s Egbin Power Plc, the biggest in Africa’s most populous nation, plans to raise $1.8 billion to more than double generation capacity as it seeks to boost output and export electricity to West African countries.

It is looking at a combination of debt and equity to meet the funding requirements ahead of the start of construction work in the second quarter of next year, according to the company. “The plan is to raise the fund to be available to kick off,” it said in an email, without giving more details as the funding arrangements are being firmed up.