Egbin Power Plant, has expressed interest to invest 630 million US Dollars (about 1.4trn/-) in construction of a natural gas fired power plant in Tanzania.
A major boost to Tanzania’s power generation is the newest public-private partnership project expected to turn around the energy sector in the East African nation.
The Chief Executive Officer of Egbin, Mr Dallas Peavey, disclosed to Tanzanian journalists on a five-day tour of Nigeria yesterday, said the construction of the plant is expected to start any time after the company, under Sahara Group, has inked the investment pact with the host government.
According to him, “We plan to set-up two plants, each generating 450MW, all we are awaiting now are the government approval and Tanesco’s (Tanzania Electric Supply Company) proposal.”
The key pending issues so far include the plant specifications and the specific location to build the plant. The company management has already visited Dares Salaam six times, holding talks with senior government officials, including the Prime Minister, Mr Kassim Majaliwa.
According to Mr Peavey, the investment, if approved, will take 12 months to complete the first phase.
He added, “We are interested in power generation. We have the expertise and experience from our operations in the United States of America, Argentina, Africa and Europe.”
The Lagos-based power company said the funds was available for the Dar es Salaam project, hinting that it had also appointed Engineering, Procurement and Construction (EPC) company to execute the grand project.
Egbin Power Plc, a subsidiary plant of the Nigerian based Sahara Group, runs a 1,320 MW natural gas-fired independent power plant was acquired from the federal government in 2014.