Nigeria’s Egbin Power Plc, the biggest in Africa’s most populous nation, plans to raise $1.8 billion to more than double generation capacity as it seeks to boost output and export electricity to West African countries. It is looking at a combination of debt and equity to meet the funding requirements ahead of the start of construction work in the second quarter of next year, according to the company. “The plan is to raise the fund to be available to kick off,” it said in an email, without giving more details as the funding arrangements are being firmed up. Egbin Power Plc, owned by Sahara Group, plans to build the second phase of its 1,320-megawatt power plant by installing “high efficiency gas combined cycle power plants,” that will produce an additional 1,754 megawatts electricity. The first phase of the expansion project will begin with the construction of open-cycle turbines next […]