Power Generation: FG Presents Discharge Certificate To Transcorp Power
Vice President Yemi Osinbajo presented the certificate at a meeting of the National Council of Privatisation, NCP to the Group Chairman of the Transnational Corporations PLC, (Transcorp), owner of the Transcorp Power, Mr. Tony Elumelu.
Transcorp Power Limited is a Nigeria’s leading power generation company, located in Ughelli Delta State, with an installed capacity of 972MW.
With this, Transcorp Power will no longer be subjected to post-privatisation monitoring and as it becomes the first privatized power generation company to achieve this milestone since the power sector privatization commenced in 2013.
One of the key targets set for Transcorp is a minimum available capacity of 670MW.
Commenting on the ceremony vice president Osinbajo who is also the chairman of NCP said that post privatisation monitoring is an important aspect of Federal Government’s privatisation programme.
According to him, 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,” he said.
Osinbajo noted, ”This being the first, should not be the last post privatization discharge event.”
Reacting, the Group Chairman, Transcorp, Mr. Tony O. Elumelu, CFR, thanked the Federal Government for its trust and confidence in Transcorp.
He stated: “For Transcorp to fulfill the post privatisation performance criteria, the company has to drive 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”.
He said, “At Transcorp Group, we do well and do good. We have grown together with our Host communities, enriching lives, and improving the community”
Speaking at the Event, the Director General of the Bureau of Public Enterprises, Alex Okoh congratulated the Board and management of Transcorp for the milestones achieved in turning around the enterprise.
He noted that Transcorp had met and exceeded the performance targets and all other covenanted obligations agreed during the signing of the privatization agreement in 2013.
As he put it “Transcorp Power increased the generation capacity of the plant by 227% from the operational status as at handover in 2013. Its capital expenditure totaling N58.612bn was covenanted for phase1, phase 2 as ‘additional investment’ but the actual investment made by Transcorp was the sum of N83.85bn, leading up to a score of 143%.”
Transnational Corporation Plc acquired Ughelli Power Plc (now Transcorp Power Limited) from the Federal Government of Nigeria on 1 November 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 4 years of takeover, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises. 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.
