Mainstream Energy Commences Operation of New Chinese-Funded Power Plant in Nigeria

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LAGOS, Jan 25 – Mainstream Energy Solution Ltd, a key player in Nigeria’s energy sector with two major hydroelectric plants, has officially initiated operations at a newly established facility in Zungeru, central Nigeria. The 700-megawatt plant, funded by a $1.3 billion loan from China, is now under the management of Mainstream Energy’s subsidiary, Penstock Energy Ltd.

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The concession for the Zungeru plant was awarded to Mainstream Energy by Nigeria’s Bureau of Public Enterprises (BPE) in February last year. As part of the agreement, Mainstream Energy will pay the Nigerian government $70 million annually over a thirty-year period for the right to operate the facility.

Mainstream Energy’s CEO, Audu Lamu, emphasized the responsibility of managing the asset in accordance with international standards, marking the beginning of significant efforts in overseeing the newly operational plant.

China has been actively involved in Nigeria’s infrastructure development over the past decade, extending financial support through its development bank for projects ranging from rail and airports to power generation plants.

Mainstream Energy’s existing hydroelectric plants, Kainji and Jebba, collectively contribute 1,338 megawatts, constituting approximately 33% of Nigeria’s current 4,000-megawatt power generation capacity.

Despite this, the country faces a persistent challenge of power shortages, necessitating further expansion to meet the energy needs of households and businesses experiencing frequent blackouts.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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