GE, Nigeria to build nuclear power plant

GE (NYSE: GE) and Nigeria’s Geometric Power will jointly build a 1,080-MW nuclear power plant in the African nation.
The first 500-MW phase is expected to be completed in 2019 at a cost of $800 million, according to Reuters. Geometric Power has also been in talks with Chinese, European and U.S. investors and expects to close on financial deals by the end of the year, with construction expected to start early 2015, the article said. Nigeria is also reportedly in talks with Rosatom to build nuclear power plants.
Nigeria has installed power capacity between 6,000 and 7,000 MW, and experiences severe electricity shortages. The new nuclear plant is expected to help curb some of the shortages.
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