Page 9 - AfrElec Week 42 2022

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Nigeria won’t sell TCN,

says ministry

NIGERIA THERE are no plans to sell the Transmission “The federal government has no intent to sell
Company of Nigeria (TCN), the country’s Min- or privatise the Transmission Company of Nige-
istry of Power has revealed. ria, and no one in the FGN has made a statement
The statement came after media reports that of an intent to sell TCN.”
the government has plans to sell the company. According to the official, the ministry is
“These reports are untrue and are only mere instead “working with key stakeholders” to
misinformation aimed at spreading panic in the improve the TCN.™
power sector, which is making progress towards
ensuring that Nigerians enjoy uninterrupted
power supply,” said Special Adviser to the Min-
ister of Power, Mallam Isa Sanusi.

Standard Chartered arranges

$566.4mn for Saudi-Egypt

electricity interconnection

EGYPT THE realisation of the Saudi-Egypt electricity 3,000 MW of power. The connection is expected
interconnection project took one more step for- to be in place by 2026 and will support the flow
ward with Standard Chartered Bank and Japan’s of power in multiple directions, from Badr in
Sumitomo Mitsui Banking Corporation success- Egypt, to El-Madinah El-Munawara via Tabuk
fully arranging $566.4mn in Murabaha financing in Saudi Arabia.
to complete one phase of the project. Murabaha, Standard Chartered also participated along
profit-sharing, is a product structured accord- with other financial institutions in the provision
ing to Islamic shariah. The 14-year financing of a $3bn, five-year syndicated loan to the con-
extended by the two banks is guaranteed by the sortia building the interconnection project.
Swedish Export Credit Agency and funded by Three consortiums of international and local
the Swedish Export Credit Corporation. companies have been mandated with project
The electricity interconnection project is implementation to construct three high-voltage
the first large-scale, high-voltage direct current substations linked by overhead transmission
interconnection in the Middle East and North lines and marine cables in the Gulf of Aqaba
Africa to link electricity grids. The project will with a length of 22 km at a total project cost of
allow Saudi Arabia and Egypt to exchange up to $1.8bn.™

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