Transcorp Power Limited Meets BPE Terms One Year Ahead of Schedule
Nigeria’s leading power generation company Transcorp Power Limited has met and exceeded its terms of agreement with the Bureau of Public Enterprises as mandated in 2013.
When the Transnational Corporation of Nigeria Plc. took over the Ughelli Power Plant in November of 2013, it presented a strategic plan to increase the supply of power to Nigeria’s national grid in order to power more schools, hospitals, businesses and improve the overall standard of living. The power plant was handed over to Transcorp only after the conglomerate agreed to increase generating capacity from 160 Megawatts to 670 Megawatts in at least five years (Fifth year ending December 2018).
On Friday 15th December 2017, President/CEO, Transcorp Plc, Adim Jibunoh, visited the office of the Bureau of Public Enterprises in Garki Abuja to submit the evidence of this to Alex A. Okoh, Director General, BPE.
Mr Jibunoh stated “Transcorp will never stop emphasizing how critical power generation is to the success of the Nigeria project. In line with our commitment to improving lives and transforming Nigeria, Transcorp Power Limited has shown a level of enterprise, excellence & execution that should serve as an example to all Nigerians of what we can achieve when we face a challenge with resolve.”
Transcorp took over Ughelli Power Plant from PHCN (now known as Transcorp Power Ltd) with only four units poorly contributing an average of 160MW. With systematic recovery of Gas turbine units, Transcorp reached 340 MW by end of 2013. Transcorp power continued the journey in 2014 and was able to recover seven units in twelve months and total available capacity hit 560MW by the end of 2014.
In 2015, Transcorp Power Limited in collaboration with GE (General Electric) replaced 100MW gas turbine, GT 15 with a 115MW upgraded capacity. In March 2017, GT 15 was commissioned by the Minister of Power, Works & Housing, Babatunde Raji Fashola, SAN and tied to the National Grid. 2017 saw the addition of 105 MW from GT20 and ultimately reached 701MW available capacity from 16th November 2017.
CEO Transcorp Power Limited, Kalyana Sundaram credited the achievement to the hard work of the Transcorp Power team. “As happy as we are to announce this achievement which clearly shows that we are staying the course and achieving our short-term goals, we are poised to ramp up our efforts as we turn our attention to our long-term goal of generating at least 25% of Nigeria’s total power supply.” He said.
While congratulating the Transnational Corporation of Nigeria for executing on its expansion strategy as promised, Chairman Transcorp Plc. Tony O Elumelu said “This is what we look for as investors. A conglomerate that functions with a clear vision of its future, develops a winning strategy that will go the distance, and then executes that strategy to near perfection.”
Transnational Corporation of Nigeria Plc (Transcorp) is a leading diversified conglomerate. Focused on acquiring and managing strategic businesses that create long-term shareholder returns and socio-economic impact. Business interests are in four strategic sectors: Power, Energy, Hospitality and Agriculture.
Incorporated on November 16, 2004 and quoted on the Nigerian Stock Exchange, Transcorp has a shareholder base of about 300,000 investors, the largest of which is Heirs Holdings Limited, a pan-African proprietary investment company.
Notable businesses include the award-winning Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Transcorp Power Limited which acquired Ughelli Power Plc, owner of the 972MW Ughelli Power Plant and Transcorp Energy Limited, operator of OPL 281.