The Federal Government on Friday signed an agreement with three Joint Venture (JV) partners to begin the processes of executing 3,050MegaWatts(MW) Mambilla hydro electric power plant in Taraba.
The agreement, which comprised 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 CGOC Group Ltd.
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).
Mr Babatunde Fashola, the Minster of Power, Works and Housing , who signed on behalf of the Federal Government thanked President Muhammadu Buhari for reviving the 40- year old power project.
He 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 souring for funds to fulfill Federal Goverment’s obligation on counterpart funding.