Hyundai to build power plant in Nigeria

South Korea’s Hyundai Engineering announced its plans to construct a $330 million power plant in Nigeria. The plant will be built in Nigeria’s Ondo state, located 170 kilometres northeast of Lagos and will be constructed by Kingline Development Nigeria.

The 550-megawatt gas turbine power plant will be built in at the Ondo Industrial Complex and will be constructed over a period of 24 months. This is Hyundai Engineering’s first engineering, procurement and construction (EPC) project in the West African region.

Nigeria is a rising market in the power plant industry and has the second-largest oil reserves in Africa, next to Libya. Africa is widely expected to account for about 17 percent of power plant supplies worldwide in 2018.