Tuesday, December 01, 2015 9:00am / Transcorp Power Limited
Transnational Corporation of Nigeria Plc (Transcorp) recently announced the successful merger of its two power subsidiaries Transcorp Ughelli PowerLtd and Ughelli Power Plc. The merged companies are now a single entity called Transcorp Power Limited. This marks a significant milestone in the corporate history of Transcorp.
The merger was designed to harmonize the management and operations of Transcorp’s power business for greater efficiency. Greater operational efficiency will undoubtedly lead to higher output in terms of power generation and increased shareholder value. Ughelli Power Plant, the company’s power generating asset, is the nation’s largest fossil-fuel generating plant.
Speaking on the merger, Mr. Tony O. Elumelu, CON, Chairman of the Transcorp Power board said “While our structure has changed, our objectives have not. As one of the leading power generating companies in Nigeria, our focus remains on aggressively increasing our output and expanding our capacity to generate at least 25% of Nigeria’s power”
“We have increased power generation by more than 525% in the two years since we acquired Ughelli Power Plant, which makes ours the fastest growing among privatised power assets in the country. We are aggressively pursuing our generation recovery capacity programme and are on course to deliver 760MW by December 2015, said Adeoye Fadeyibi, CEO of the newly minted Transcorp Power.