March 26, 2012 / 10:13 AM / in 6 years

Nigeria sys GE signs $10 billion power plants MoU

ABUJA (Reuters) - General Electric Co (GE.N) has signed a memorandum of understanding with Nigeria to invest $10 billion in new power plants for Nigeria in which it will take a 10-15 percent equity stakes, a power ministry spokesman told Reuters on Monday.

    The spokesman said GE would be “partnering with the government and the power sector partners,” in a deal that will go ahead after privatisation of Nigeria’s dilapidated and woefully inadequate power sector goes ahead.

    Reporting by Joe Brock; Writing by Tim Cocks; Editing by Hans-Juergen Peters

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