China-based Sinohydro-CNEEC Corporation has signed an agreement to develop the 700MW Zungeru hydro power station in Nigeria.
The Zungeru hydro project is to be built across Northern Zungeru River in Niger state, entailing an investment of $1bn (163bn Naira).
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Nigeria Minister of State for Power Zainab Kuchi was quoted by Ventures Africa as saying that the Export-Import (Exim) Bank of China will finance 75% of the project cost with the Nigerian government expected to provide the remaining funds.
The hydro plant is expected to commence generation in 2014.
Sinohydro-CNEEC Corporation, a joint venture between Sinohydro Corporation and China National Electrical Equipment Corporation, is also executing the 3,050MW hydro plant for the country on the eastern Mambila Plateau.
Swedish trade Secretary Gunnar Oom revealed that Sweden plans to invest in the Nigerian power sector.
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By GlobalData"Nigeria is one of the real powers in sub Saharan Africa.
"What make me excited are the ambitious plans that you have in Nigeria and it fits so well with Swedish expertise and industries," Oom said.
