October 28, 2008
Chinese Energy Firm Partners FirstBank
in Power Plant Development
A Chinese firm, Shenzhen
Energy Investment Co. Limited (Shenzhen Energy Group) is to
partner First Bank of Nigeria Plc in the building of a 3,000
mega watts gas turbine power plant in Nigeria. The worth of
the project is estimated at $2.4 billion. Shenzhen Energy
Group is a large scale Chinese state-owned energy company
with about 52% holding by multinationals listed on the
Shanghai, Hong Kong and New York stock exchanges.
The Group which has already
sought regulatory approval from the Nigerian Electricity
Regulatory Commission (NERC) signed an MOU with First Bank
of Nigeria Plc last weekend in Shenzhen China as project
financiers as well as financial advisors0.. The Group will
specifically leverage FirstBank’s expertise in project
financing and deep knowledge of the Nigerian business
terrain.
The signing of the
memorandum of understanding was witnessed by Shenzhen’s
Senior Engineer, Mr. Qun Yang; NERC commissioner, Engr. Baba
Gana Bunu; Nigerian Investment Promotion Commission’s
director, Mr. Abubakar Yerima; and FirstBank’s Group Head,
Multilaterals and Financial Institutions, Mr. Femi Bakre.
It would be recalled that
FirstBank signed similar MOU with another Chinese firm,
Guangdong Xinguang International China-Africa Investment
Limited recently for a $500 million investment in Ogun
State. The Guangdong Xinguang Group’s financial/business
collaboration with FirstBank would be in the areas of
investment banking, project financing, business advisory
services and correspondent banking relationship.
The Bank has other banking
relationships with Chinese institutions including an MOU
with Yuemei Group Company Limited, a textile manufacturing
firm with a value of $50 million (N6 billion) as well as an
MOU with China Construction Bank to cover global banking
collaboration.
Click to view the
event picture.
H. O. Bakare
Head, Corporate Planning & Group Coordination
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