Transcorp Acquires Afam Power

Proshare

Friday, November 06, 2020 / 09:50 AM / Transcorp Plc / Header Image Credit: 


  • Deal To Deliver Significantly Increased Access to Electricity in Nigeria 
  • Represents Further Example of Transcorp's Mission of Improving Lives and Transforming Nigeria


Transcorp Consortium is pleased to announce the 100% acquisition of the 966MW installed capacity Afam Power Plc and Afam Three Fast Power Limited (jointly referred to as "Afam GenCo"), at an acquisition cost of N105.3bn. 


The announcement was made at the State House, Abuja on Thursday, November 5, 2020, during the signing ceremony between the Federal Government, represented by His Excellency, the Vice President of Nigeria, Professor Yemi Osinbajo, SAN and Transcorp Consortium represented by the Chairman of Transnational Corporation of Nigeria Plc (Transcorp), Mr. Tony O. Elumelu, CON.
 

  

The Vice President, Professor Osinbajo, said "Today marks a milestone for the country with a return to private sector investment in the power sector. This investment by Transcorp in acquiring 'Afam Power Plc' and 'Afam Three Fast Power' is the first of many new investments planned in the sector across the value chain. We expect that under Transcorp's ownership the operational capacity of the facility will be raised to its full capacity." 

  

 The Vice President further stated "We have seen the progress that Transcorp has made with the Ughelli  Power Plant in raising the operational capacity significantly, since it acquired the plant in 2013, and we expect nothing less from the Afam acquisitions. We have no doubt that the addition of Transcorp to the Afam community, will come with the forward thinking Corporate Social Responsibility initiatives that Tony and his team are known for. This transaction is a confirmation of the reform trajectory the Administration is leading in the power sector."  

  

Speaking on Transcorp's track record, the Director-General of the BPE, Mr. Alex Okoh said "Transcorp Consortium is one of the success stories of Nigeria's Privatisation Programme. Through its investments in Transcorp Hotels Plc and Transcorp Ughelli Power Limited, the consortium has consistently achieved its performance targets as contained in the respective post-acquisition plans." 

  

The Chairman of Transcorp, Tony O. Elumelu, CON, commended the Federal Government for the role it played in making the acquisition a reality. "Bringing affordable, dependable power to the Nigerian people is core to Transcorp's mission. Our significant investments in the power sector are demonstrations of our contribution to the economic transformation that I know Nigeria is capable of. Power remains the single most critical factor  for lifting our people out of poverty and  job creation for our teaming youth. The acquisition marks a significant milestone for Transcorp in the pursuit of its corporate purpose of improving lives and transforming Nigeria. I am honoured to be working with the Federal Government and urge it to continue its policy of creating an enabling environment, that sustains the confidence of both local and foreign investors - and delivers the opportunities and aspirations that all Nigerians seek". 

  

Afam Power  is a 1000MW capacity power plant. 

 

Related News 

1.     Afam Power Plc - Website 

2.     Transcorp Consortium Selected As Preferred Bidder For Afam Electricity Generation Company 

3.     NCP approves privatization of Afam power plant, recapitalization of BOA 

4.     No Rapid Growth With these Power Shortages 

5.     5 Major Takeaways from The IEA's World Energy Outlook 2020 

6.     A Pathway to Addressing the Power Sector Challenge - PowerUpNG 

7.     33,448,633MWh of Energy Generated in 2019 - NBS 

8.     The Stifled Nigerian Consumer 

9.     President Buhari Speaks On New Prices For Petrol, Electricity 

10.  Sefton Fross to Host Webinar Focused on Improving the Resilience of Oil and Gas Firms 

11.  FAQs On Service-Based Tariff - NERC 

 

 Proshare Nigeria Pvt. Ltd.

 

Related to Transcorp 

1.     TRANSCORP Declares N1.7bn PAT in Q3 2020 Results, (SP:N0.71k) 

2.     ALERT: 37.75% of Total Market Volume Traded on TRANSCORP Shares Today 

3.     Transcorp Hotels Fulfils Post-Privatization Obligations - Oct 15, 2019 

4.     Transcorp Hotels Plc Notifies of the Appointment of Mr. Alexander Adeyemi as Non-Executive Director 

5.     Nostalgia, as IoD Nigeria finally hands over 53 Glover Road to Transcorp Hotels 

6.     Transcorp Hotels PIc Announces Its Closed Period 

7.     Transcorp Hotels Plc Announces the Retirement of Olorogun O'tega Emerhor as a Director 

8.     Transcorp Hotels Plc Appoints Mr Abdulqadir Jeli Bello as a Non-executive Director 

9.     Transcorp Hotels Plc Announces Changes on its Board 

10.  Transcorp Hotel Plc Announces Closed Period 

 

 

READ MORE:
Related News
SCROLL TO TOP