Miga looks to guarantee up to $540m for Nigerian IPP

Miga looks to guarantee up to $540m for Nigerian IPP
August 11, 2015 Advocaat Law Practice

The Multilateral Investment Guarantee Agency (Miga) is looking to guarantee up to $540 million for the Qua Iboe Power Project in Nigeria, according to the organisation.

The investors for the project have applied for a guarantee of up to 20 years, against the risk of breach of contract. The United States is listed as the investor country. Miga is the political risk arm of the World Bank.

The guarantee holders of the project are Mobil Development Nigeria and Mobil Exploration Nigeria.

The project involves the construction of a 533 megawatt, gas-fired power plant in Ibeno in Nigera and the construction of a 58 kilometre, 330 kV double-circuit transmission lines from the power plant to a substation at IkotAbasi.

The World Bank is also supporting the project through an IBRD Partial Risk Guarantee.