The Federal Government on Friday said the construction of 3,050 MegaWatts (MW) Mambilla hydro electric power plant in Taraba State is expected to be completed within six years.
Mr Babatunde Fashola, the Minister of Power, Works and Housing said this when he signed an agreement with three Joint Venture (JV) partners to begin the processes of executing the project which has been in the pipeline for over 40 years.
The agreement which was signed with three Chinese companies would usher the parties into the next stage of fund sourcing for the development of the project.
The JV companies are China Gezhouba Group Corporation (CGGC), Sinohydro Corporation Ltd and GOC Group Ltd.
The News Agency of Nigeria (NAN) reports that the scope of works of the project includes four large dams, two underground power houses of 12 units of 250MW each.
Other components of the project include the construction of two 330kv of 700 km transmission lines to Markudi and Jalingo, 120km of access roads connecting the projects sites and nearby communities and resettlement of an estimated 100,000 persons.
The Federal Executive Council had on August 30, approved the award of the turnkey EPC contract of the Mambilla hydro power project to the three companies in the sum of 5.792 billion dollars (about (N1.140 trillion).
While thanking President Muhammadu Buhari for revving the project, the Minister said the agreement was a further step to increasing the energy mix and as well as provide energy security in the country.
Fashola said approval of the project by the President had further opened up the economy to various opportunities, especially in agriculture for Nigerians and the people of Taraba.
He revealed that so many people had already applied to participate in the project, adding that there were enormous opportunities for local participation.
Fashola said that the ministry of Power would jointly execute the project with the JV partners, the Ministries of Environment, Water and Finance.
He said that the Ministry of Finance would lead the process of sourcing for funds to fulfill Federal Goverment’s obligation on counterpart funding.