Transcorp Power Inaugurates $28.3m Gas Turbine

  • Transcorp Power Inaugurates $28.3m Gas Turbine

Transcorp Power Limited, a subsidiary of Transcorp Plc, on Monday inaugurated the 115-megawatts Gas Turbine 15 at its Ughelli Power Plant, bringing the capacity of the plant to 620MW.

The company said in a statement that the inauguration of the $28.3m turbine was part of its commitment to generate 25 per cent of Nigeria’s total power output before the end of 2018.

Speaking at the ceremony, the Chairman, Transcorp Plc, Mr. Tony Elumelu, reiterated the resolve of Transcorp Power Limited to double the generating capacity of the power plant within the shortest time.

According to him, considering the role power plays as a catalyst for economic and industrial growth of any nation, Transcorp Power remains committed to finding a solution to the power problem that has constrained the development of the country and made it not to achieve its potential.

“Our goal is to increase our capacity from 620MW to 850MW with the return of three turbines by the fourth quarter of 2017. Our gratitude goes out to the Board of Directors, particularly the technical committee, our technical partners, the Transmission Company of Nigeria and the Federal Government of Nigeria for believing in us as private sector investors, and for providing the enabling environment,” Elumelu said.

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, who commended the investment made by Transcorp Power, said, “The local investors will not run away when there is a storm.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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