February 22, 2012
The U.S. Energy Trade Mission’s visit to Nigeria has resulted in a partnership agreement between Transnational Corporation of Nigeria (Transcorp) and Symbion Power, a U.S-based energy firm, a statement from heirs Holdings office in Lagos has said.
The U.S. Energy Trade Mission to Nigeria, Mozambique, Tanzania and Ghana, led by Assistant Secretary of State Johnnie Carson and co-sponsored by the Corporate Council on Africa, aims to increase U.S. private sector investment in power infrastructure projects on the continent.
This investment is coming on the heels of the General Electric’s (another U.S. company) plan to invest in Nigerian’s rail and power sectors.
The collaboration between Transcorp and Symbion Power, which began with talks between the two organisations in 2011, was formed with the intent to “light up Africa” by significantly increasing investments in the energy sector.
Transcorp, an indigenous conglomerate with an energy subsidiary business that focuses on oil and gas, power and the petrochemical industry, is partnering with Symbion Power for several reasons. Symbion Power has run successful ventures across the Middle East and in Tanzania, where it currently has agreements to provide power to TANESCO, the local power utility. The firm has an innovative business methodology focused on building capacity and training, which it tailors to meet each country’s unique needs. Symbion Power is known for working closely with local subcontractors and engineers in its projects, which helps transfer knowledge and value to the community.
Given the pivotal role that the power sector plays in the Nigerian economy, Transcorp and Symbion Power believe that this collaboration will assist the efforts of the Nigerian government to improve the power situation in the country.
The relationship between Transcorp and Symbion Power was facilitated by Heirs Holdings, an African investment company that is committed to the economic transformation of Africa through long-term investments in a variety of sectors that create economic prosperity and social wealth.
Commenting on the partnership, Tony O. Elumelu, MFR, who is Chairman of Heirs Holdings and Transcorp said: “Africa is endowed with resources vast enough to meet all her power needs. However, for various reasons, Africa lacks adequate power supply. Power is crucial to the development of Nigeria and Africa – this is why I am excited to partner with Symbion Power to ‘light up Africa’, a move that I believe will help catalyse the economic transformation of not only Nigeria but the entire continent.”
Speaking further, he said: “Power infrastructure projects succeed when fuelled by execution, investment, innovation and scale. The partnership announced today provides immense investment capacity, incd Symbion has proven its ability to execute.”
The Chief Executive Officer of Symbion, Paul Hinks, speaking in Lagos about t
he partnership said, “A transformation is currently underway in Nigeria, and across the African continent. We are honoured to join forces with Transcorp and be part of energising what experts describe as “the final economic frontier.”