The board of the African Development Bank (AfDB) has provided a total sum of $100 million to Nigeria for its power sector. The facility which comes as $80 million of loan and $20 million as own funds, will be used to rehabilitate the Kainji and Jebba hydropower dams.
These works will allow the two plants to increase the actual output which is 917 MW. The aim here is to push them at full throttle, thus adding 1,338.4 MW of energy coming from the infrastructures that provide energy at one of the most affordable rates in the country.
The financing agreement falls under the New Deal on Energy for Africa of the bank which wants to support Africa’s energy development. Nigeria for its part mainly wants to tap into private sector to develop clean energies, subsequently reducing its dependency to thermal energy.
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