PGI Energy and its joint venture partners J & L Instrumentation & Power and Knox J & L Energy Solutions will construct several 1,000MW power plants in Ajaokuta, Nigeria.

PGI Energy will provide funds for the $700m scheme through US-based investment bank Pythagoras Group.

The projects have secured long-term power purchase contracts and will be built on an engineering, procurement and construction basis, the company said.

The companies will share profits on a 50:50 ratio.