TCN secures $1.55bn from multilateral corporations to execute transmission projects
The Transmission Company of Nigeria (TCN) has secured $1.55 billion from the African Development Bank (AfDB), the Islamic Development Bank (IDB), the Japan International Cooperation Agency (JICA) and the European Union, to execute numerous projects in the country. Usman Mohammed, Managing Director of TCN, disclosed this while briefing the press in Kano on Monday.
He said the fund aims to enable the private entity achieve its goal of increasing its 20,000 MW transmission capacity over time. Mohammed explained that the fund had resulted in the revival of some abandoned projects in the country. “The Abuja transmission project, which is supposed to provide three sub-stations and provide another avenue for supply through Abuja from Lafia, has been completed. We have also resuscitated the JICA project that has been on the drawing board for a long time now. Those two projects, plus other projects, cost about $1.55 billion which is coming from the World Bank, African Development Bank (AfDB) the Islamic Development Bank, JICA itself and the European Union (EU).”
The Managing Director said TCN is also working together with state governments to resolve the problem of right of ways on transmission lines in the country. According to him, energy losses from the national grid are estimated at 2,000 MW. This is half of the total amount of electricity generated in the country while demand stands at around 12,000 MW.