General Electric Co. (GE) has agreed to invest $10 billion in new power plants in Nigeria , that country's power ministry said Monday, Reuters reported on its website.

Under terms of a memorandum of understanding, GE will take a 10% to 15% equity stake in the plants and that GE will join with the government and unspecified partners after a privatization of Nigeria 's power sector, an unidentified spokesman for the ministry told Reuters.

The spokesman did not say in what kind of power stations GE would invest.

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