The 700 MW Zungeru hydropower project on the upper and middle reaches of Kaduna River in the Niger State (North Central Nigeria) has been completed and is ready to transmit power on the Transmission Company of Nigeria (TCN)'s power grid. The hydropower project was built by a Chinese consortium comprising China National Electric Engineering Company (CNEEC) and Sinohydro. A preferential loan facility from the Export-Import Bank (Exim Bank) of China covered 75% of the plant cost, which has been reported at US$1.3bn (remaining part financed by the Federal Government of Nigeria). Construction started in 2013. With its four 175 MW hydroelectric turbines, Zungeru will generate 2.6 TWh/year.
In February 2023, the Nigerian National Council on Privatisation (NCP) selected Mainstream Energy Solutions Limited (MESL) as the preferred bidder for the concession of at a cost of US$70m/year for a period of 30 years. MESL, a local energy firm, is one of the largest power generation companies in the country, with a market share of 20% in Q4 2021.
In addition, Transcorp, a Nigerian conglomerate, has commissioned a 240 MW gas-fired plant in Afam, Rivers State (Niger delta region). The project, named Afam Three Fast Power, was developed in collaboration with General Electric and the Federal Government of Nigeria. With an already existing power plant in Afam, this brought the cumulative generating capacity of the plant to 966 MW. Transcorp is also a notable player on the Nigerian power market, with a market share of 12% (Q4 2021). The group acquired the Afam IV-V gas-fired power plant from the Bureau of Public Enterprise in 2020.