The Federal Government and a consortium of three Chinese firms on Friday signed an agreement for the construction of the 3,050 megawatts Mambilla Hydroelectric Power Plant worth $5.79bn.
According to the government, the project which is being constructed in Taraba State is expected to be completed in six years.
Funding for the power plant will come from China and the Federal Government, as China Exim Bank and other Chinese lenders are expected to provide 85 per cent of the contract sum amounting to $4.92bn, while Nigeria will put forward 15 per cent amounting to $868.87m.
On August 30 this year, the Federal Executive Council approved the sum of $5,792,497,062 for the project which has been in the making for over 40 years.
The approval paved the way for the signing of the contract document with the China Gezhouba Group Corporation, Sinohydro Corporation Limited and the CGCOC Group Company Limited.
The government explained that the agreement would allow it to seek finance for its counterpart funding for the project.
