Agreements will dramatically increase capacity at the Ughelli power plant in 2014
LAGOS, Nigeria, January 31, 2014/ -- Transcorp
Ughelli Power Ltd (TUPL), the power subsidiary of Transnational
Corporation of Nigeria Plc (Transcorp), and General Electric (GE) have
signed an agreement to expand the capacity of TUPL’s Ughelli power plant
by1000MW over the next 3 to 5 years.
Photo Tony Elumelu: http://www.photos.apo-opa.com/plog-content/images/apo/photos/tony-elumelu.jpg
Both
parties have also signed a separate agreement to rehabilitate the
damaged GT 15 turbine at the Ughelli plant, which will add 115MW to the
plant’s output.
Currently,
the Transcorp Ughelli power plant generates 360MW of electricity, up
from 160MW on November 1, when Transcorp took ownership of the plant.
With the additional 115MW, as well as other rehabilitation works planned
at the plant, output at Ughelli will increase to 700MW by December
2014.
The
Ughelli power plant is Nigeria’s largest gas-fired electricity
generation asset. Purchased by Transcorp during the 2013power
privatization programme, the $300 million plant is part of the $2.5
billion investment pledge made by the Chairman of Transcorp and Heirs
Holdings (http://www.heirsholdings.com),
Tony O. Elumelu, CON, to deliver affordable, accessible power to Africa
under the Power Africa Initiative. Heirs Holdings, Elumelu’s
pan-African proprietary investment company, is Power Africa’s largest
private sector investor and a major investor in Transcorp.
The
agreements were signed at a closed door meeting between executives of
both companies, led by Elumelu and the Global Chairman of General
Electric, Jeffrey Immelt. They follow a cooperation agreement executed
by Transcorp and GE in 2013.
Commenting,
Elumelu said, “We are very pleased to work with GE, a proven world
leader in power technology development, on the Ughelli plant expansion
project. With this, we’ve taken a bold step in fulfilling our promise
to Transcorp’s stakeholders and the people of Nigeria. In a very short
period of time, we have achieved significant impact - power production
has more than doubled, and with this agreement, we will see increased
output before the end of this year. We are confident that this
partnership with GE will further accelerate the achievement of our goals
in the power sector.”
Immelt
said,“ GE fully appreciates the confidence expressed by Transcorp. We
are happy to bring the considerable resources of GE to support
Transcorp’s audacious vision for Nigeria’s Power industry. This
partnership with Transcorp underlines GE’s deep commitment to developing
the Nigerian power sector.”
A
publicly listed conglomerate with strategic investments in the power,
hospitality, business and energy sectors, Transcorp, through TUPL, is
committed to transform and bring the plant to profitability by
increasing its generating capacity to impact positively on the
socio-economic development of Nigeria.
GE,
one of the world’s most reputable companies is the global leader in the
design, manufacture, supply, installation and maintenance of technology
and services for the Power, Aviation, Oil & Gas, Healthcare and
Transportation sectors.
Distributed by APO (African Press Organization) on behalf of Heirs Holdings.
About Transcorp
Transnational
Corporation of Nigeria Plc (Transcorp) is a publicly quoted
conglomerate with a diversified shareholder base of over 300,000
investors, the most prominent of which is Heirs Holdings Limited, a
pan-African proprietary investment company. The Transcorp portfolio
comprises strategic investments in the power, hospitality, agribusiness
and energy sectors. Our notable businesses include Transcorp Hilton
Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited,
operator of Teragro Benfruit plant - Nigeria’s first-of-its-kind juice
concentrate plant; Transcorp Ughelli Power Limited and Transcorp Energy
Limited, operator of OPL 281.
For more information about Transcorp, please visit http://www.transcorpnigeria.com
About Heirs Holdings Limited
Heirs Holdings (http://www.heirsholdings.com)
is a pan-African proprietary investment company driving Africa's
development. We are active long-term investors who specialise in
building businesses and corporate turnaround. We aim to transform the
companies in which we invest and grow them into businesses that last. We
invest in Africa to create value for our shareholders and partners, and
to create economic prosperity and social wealth for the continent. Our
investments in power, financial services, oil and gas, real estate and
hospitality, agri-business and healthcare are helping to build
economies, create jobs, drive prosperity and ultimately transform the
lives of ordinary Africans in Africa.
For more information about Heirs Heirs Holdings, please visit http://www.heirsholdings.com
About GE
GE
(NYSE: GE) works on things that matter, using the best people and the
best technologies taking on the toughest challenges, finding solutions
in energy, health and home, transport and finance, building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at http://www.ge.com.
SOURCE
Heirs Holdings
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