TCN Secures $2bn To Expand Capacity To 20,000MWThe Transmission Company of Nigeria (TCN) has secured close to $2billion for the rehabilitation of national grid infrastructure and expansion of its transmission capacities up to 20,000 megawatts target within the next three years.
Before now, some of the transmission facilities are outdated, or inadequate and too weak to evacuate power generated by the Generation Companies (GenCos) thereby limiting the GenCos from achieving its optimum capacities.
Usman Gur Mohammed, the Managing Director, TCN, made the disclosure at the just concluded power sector stakeholders meeting presided by the Minister of Power, Works and Housing, Babatunde Fashola, in Kano.
He spoke while fielding questions from journalists on the challenges and programmes of the company towards achieving sustainable power supply throughout Nigeria.
He noted that because of the liquidity issue in the power sector, the TCN had sought the support of the ministries of Finance, and Power, which led to the raising of the fund from multilateral donors for the expansion of the grid.
According to him the fund was raised from the World Bank, African Development Bank, Islamic Development Bank, Japanese Agency for International Cooperation (JAICA), and the European Union.