Senior Special Assistant to the President on Media & Communications (Office of the Vice President), Stanley Nkwocha, in a statement on Tuesday, said the concessionaire would pay FG $70 million per year over the next three decades for managing the complex totalling $2.1 trillion for the 700 MW Zungeru hydropower plant.
The concessioner, Penstock Limited signed the dotted lines commencing January 23, 2024, following the settlement of the project’s commencement fee on January 5, 2024, and following a formal Concession Agreement signed on December 13, 2023, by the Bureau of Public Enterprises (BPE) and Penstock Limited
Penstock Energy Ltd is a subsidiary of Mainstream Energy Solution Ltd, the concessionaire of Kainji and Jebba Hydro Power Plants (HPP) with an installed capacity of 760MW and 578.4MW.
Penstock Energy Limited financed the 700MW Zungeru hydropower plant- the second largest hydropower plant in Nigeria deal by a staggering $1.3bn loan from China.