Transcorp Power Limited, a subsidiary of Transnational Corporation Plc (NGX: TRANSCORP) has fulfilled all its privatisation obligations and received discharge certificate from the Federal Government of Nigeria.
Transcorp power thus becomes the first privatized power generation company in Nigeria to fulfil all privatisation obligations since the 2013 privatisation of the power sector in Nigeria.
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The discharge certificate was presented at the meeting of the National Council of Privatisation (NCP) by the Vice President of the Federal Republic of Nigeria and Chairman of NCP, Professor Yemi Osinbajo to Mr. Tony O. Elumelu, Group Chairman, Transnational Corporation Plc (Transcorp), owner of Transcorp Power.
Transcorp Power Limited, located in Ugheli Delta State with a 972MW capacity power plant is one of the power subsidiaries of TRANSCORP, with the other being Transafam Power Limited consisting of Afam Power Plc and Afam Three Fast Power with a combined installed capacity of 966MW located in Okoloma Afam, Rivers State.
Today,
The Ughelli Power plant built in 1964 and became operational in 1966 is a gas-fired thermal plant, it is the largest fossil-fuel based power generating station in the Nigeria.
On September 25, 2012, Transcorp Ughelli Power Limited (TUPL) (which comprises Wood Rock Energy Resources Limited, Symbion Power LLC, Thomassen Holding Limited, Medea Development S.A., Tenoil Petroleum and Energy Services Limited and PSL Engineering and Control Limited) won the $300m bid for the acquisition of the Ughelli Power Plant, one of the six power generation companies of the Power Holding Company of Nigeria (PHCN) being privatized by the Federal Government of Nigeria. Symbion Power divested in September 2015.
On November 1, 2013, Transcorp Power officially took physical ownership of Ughelli Power Plc, and became the owner and operator of Ughelli Power Plant following a handover ceremony hosted by the Federal Government of Nigeria.
At the time of acquisition, the plant had an available capacity of 160MW. Transcorp invested and increased the available capacity to 680.83MW (being a 227% increase) within 4 years of takeover, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.
The Group Chairman, TRANSCORP, Mr Tony O. Elumelu twitted that TRANSCROP currently generate 789MW of electricity, contributing 16% of the power carried by the national grid.
Today, Transcorp generates 789MW of electricity, placing Transcorp’s total contribution to the National grid at 16% – powering homes, schools, hospitals and enabling industrialisation.
— Tony O. Elumelu, CFR (@TonyOElumelu) May 8, 2023
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
