Nigeria has reached a build, operate and transfer (BOT) agreement with a consortium for the construction of a $1.5 billion Grand Katsina-Ala Hydropower Project in Benue State.

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The Nigerian government also confirmed the appointment of Maverick Energy Partners as the preferred concessionaire for the development, financing, construction and operation of the project located on the Katsina-Ala River.

Structured under a 35-year Design, Finance, Build, Operate and Transfer public-private partnership framework, the project will see the Nigerian Government retain a minimum 10 per cent equity stake through the Ministry of Finance Incorporated.

Financial close for the project is expected in 2027.

The consortium behind the power plant project brings deep hydropower experience, with its principals linked to major energy developments including the Zungeru, Mambilla and Gurara hydropower projects.

The strategic advisory and capital mobilisation support for the deal was led by London-based GAN International Ltd and Blackwell Advisors Ltd, focusing on financing strategy, project bankability, investor engagement and sovereign coordination.

Meanwhile, a statement issued by Maverick Energy Partners, said the agreement followed years of technical planning, regulatory approvals and institutional coordination involving the Federal Executive Council, the Infrastructure Concession Regulatory Commission and the Transmission Company of Nigeria.

The proposed power plant when completed is expected to generate about 2,401 gigawatt-hours of electricity annually and inject stable baseload power into Nigeria’s national grid at a time when energy shortages continue to constrain industrial growth and economic competitiveness.

Commenting, the concessionaire described the project as aligned with President Bola Tinubu’s infrastructure-driven growth strategy, energy security agenda and broader economic diversification goals.

Chairman of Maverick Energy Partners, Dr Johnson Adewumi, said the initiative goes beyond building a power plant.

“Grand Katsina-Ala is not simply a power project; it is a platform for economic transformation. Reliable baseload electricity creates the conditions for manufacturing, agro-processing, industry and sustained regional development,” he said.

Dr. Adewumi further added that the project could become a model for delivering strategic infrastructure through well-structured public-private partnerships across Africa.

Also commenting, Founder of GAN International and Blackwell Advisors, Brigitte Tilley-Gyado, said the project demonstrates what can happen when government commitment, technical expertise and long-term capital converge around a shared development objective.

“Africa does not suffer from a shortage of capital; it suffers from a shortage of bankable projects,” she said.