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Transcorp Power Limited, Nigeria’s leading power generation company, located in Ughelli, Delta State, with an installed capacity of 972MW, has been presented with a post-privatisation discharge certificate by the Federal Government, following fulfillment of all privatisation conditions.
Transcorp Power will no longer be subjected to post-privatisation monitoring and is the first privatised power generation company to achieve this milestone since the power sector privatisation commenced in 2013. One of the key targets set for Transcorp is a minimum available capacity of 670MW.
The discharge certificate was presented at the meeting of the National Council of Privatisation (NCP) by the chairman, Vice President Yemi Osinbajo to Mr Tony Elumelu, CFR, Group Chairman, Transnational Corporation Plc (Transcorp), owner of Transcorp Power.
Speaking at the ceremony, Osinabjo said: “Post privatisation monitoring is an important aspect of Federal Government’s privatisation programme. Transcorp Power has been able to ensure compliance and surpassed expectations with all post privatisation deliverables. I commend Tony Elumelu and his Transcorp team for this feat. I urge Transcorp Group to continue in that path and even do better. This being the first, should not be the last post privatisation discharge event.”
The Group Chairman, Transcorp Plc, Elumelu, thanked the Federal Government for the trust and confidence in Transcorp Power.
“In addition to fulfilling the post-privatisation performance criteria, Transcorp has driven a strong indigenous agenda – our plants are managed and fully operated by Nigerians, creating jobs and reducing unemployment in the country. Safety is very important to us as well, since we began operations in 2013, we have recorded zero incident till date. At Transcorp Group, we do well and do good. We have grown together with our host communities, enriching lives, and improving the community,” Elumelu said.
Speaking, the Director-General of the Bureau of Public Enterprises (BPE), Alex Okoh, congratulated the board and management of Transcorp for the milestones achieved in turning around the enterprise.
He noted that Transcorp has met and exceeded the performance targets and all other obligations agreed during the signing of the privatisation agreement in 2013.
“Transcorp Power increased the generation capacity of the plant by 227% from the operational status as at handover in 2013, Okoh said.
The BPE Director-General further said capital expenditure totaling N58.612 billion was agreed for phase1 and phase 2 as additional investment,but the actual investment made by Transcorp was N83.85 billion, leading to a score of 143%.
Transnational Corporation Plc acquired Ughelli Power Plc (now Transcorp Power Limited) from the Federal Government on November 1, 2013,during the privatisation of the power sector. 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 four years of taking over, surpassing the five-year target of 670MW set by the BPE.
Transcorp Power Limited is a member of West African Power Pool and a participant in the ECOWAS Regional Electricity Market. Today, Transcorp Power supplies electricity to the ECOWAS Regional Market.
Transcorp Power is a leading power generation plant in Nigeria, with a commitment to developing Nigerian human capital and the plant is currently operated 100% by Nigerians. In 2020, Transcorp Group increased its installed capacity to 2,000MW with the acquisition of Afam Power Plc and Afam III Fast Power Ltd, located in Rivers State.