NEWS: FEC today approved release of part of counterpart funding for the Presidential Power Initiative (PPI) (Siemens Project). With this approval Phase 1 of the PPI will formally kick off. It includes projects in transmission, distribution, metering,simulation & training. #Thread
This Phase 1 focused on “quick-win” measures to increase end-to-end operational capacity of Nigeria’s electricity grid to 7 GW. Transmission projects proposed under Phase 1 include 132/33 kV Mobile Substations; 132/33 kV(60 MVA) Transformers, and Containerized GIS Substations.
Here’s the PPI funding structure:
- 85% from a consortium of banks, guaranteed by the German government through credit insurance firm, Euler Hermes.
- 15 % @NigeriaGov counterpart funding.
- 2–3 years moratorium.
- 10–12 years repayment, at concessionary interest rates.
- 85% from a consortium of banks, guaranteed by the German government through credit insurance firm, Euler Hermes.
- 15 % @NigeriaGov counterpart funding.
- 2–3 years moratorium.
- 10–12 years repayment, at concessionary interest rates.
This bit particularly exciting: There will be significant opportunities for Local Content on this project; for Nigerian companies to take part in the following:
Site Surveys & Soil Investigation
Civil Works
Supply of Smart Meters
Data Center Hosting
Power System Modelling
Etc
Site Surveys & Soil Investigation
Civil Works
Supply of Smart Meters
Data Center Hosting
Power System Modelling
Etc
But PMB has made something very clear, regarding the transparency and integrity of the PPI, and this is worth noting. This must not and will not be a ‘contracts’ bazaar; @NigeriaGov is allowing the private sector to fully handle the contracting:
