Leading diversified conglomerate and power generation provider, Transcorp has emerged victorious in acquiring the 1,000 megawatts (mw) Afam electricity plant for a 105 billion naira.
This is coming on the heels of the National Council of Privatization approving the privatization of the Afam Power Plant which kicked off bidding between 12 prospective investors years ago.
The Transcorp power consortium which has successfully completed the acquisition of the Afam Power Plc signed the share sale and purchase agreement in a bid to ramp up power generation of the plant to it’s rated capacity of 726 megawatts (mw) within a period of five years.
The power generation project is expected to add an aggregate amount of 966 megawatts (mw) to the national grid.
Nigeria’s vice president, Professor Yemi Osinbajo who witnessed the signing said he is looking forward to Transcorp joining Nigeria’s energy hub. Osinbajo explained that the government has no doubt that the addition of Transcorp to the community will come with the forward-thinking corporate social responsibility initiatives that the Transcorp management is reputable for.
Speaking at the signing of the agreement, the chairman of Transcorp, Mr. Tony Elumelu noted that his firm has always been about improving lives and transforming national economy
Elumelu giving his speech said:
“It is one thing for government to say they need investors and it makes more meaning when local investors themselves invest in the country. It is signaling to foreign investors that if the local investors are investing, the investment climate and opportunity is good.
– Mr. Tony Elumelu, Chairman, Transcorp Nigeria
The benefit of this investment by Transcorp is expected to have a ripple effect on all Nigerians especially those in the business sector who rely heavily on electricity.
The combined assets is expected to add 966 megawatts (mw) to national grid in 3 to 5 years.