CNEEC-Sinohydro, a Chinese consortium, is set to commence the construction work at the 700MW Zungeru hydroelectric power plant situated in Niger State, Nigeria.
The hydroelectric project is being funded by the Federal Government and Exim Bank of China with the latter contributing 75% of the total funding, while the remaining by the government.
Earlier this year, Nigeria and Exim Bank of China signed an agreement for the funds related to the project.
As per the agreed terms, Nigeria will provide $309m for the hydroelectric project.
Minister of State for Power Hajia Zainab Kuchi said that the project is awaiting finalization from Ministry of Finance of the 75% funding from the Exim Bank to commence the project.
When completed, the project will generate revenues that will used to repay the credit facility.