Nigeria: Transmission Company of Nigeria (TCN) has revealed it will need $7.5 billion to boost electricity supply and build onto its existing transmission network.
The five-year expansion programme aims to boost the existing transmission capacity to 11,500 MW by 2019, which requires a substantial funding of $7.5 billion, reports ESI-Africa.
Of the $7.5 billion, the Federal Government of Nigeria has earmarked $1.5 billion, the financing initiatives of TCN are expected to contribute $2.6 billion, and the transmission company is expected to receive concessionary loans and grants amounting to $3.4 billion from TCN’s international finance support agencies.
TCN is working towards completion of 31 transmission projects by 2017.
The expansion programme expects to realise a 20,000 MW capacity of uninterrupted power by 2022.