By Kayode Falade
The Federal Government has presented Transcorp Power Limited with a post-privatisation discharge certificate following its fulfilment of all privatization conditions.
Transcorp Power is located in Ughelli Delta State with an installed capacity of 972MW.
With this development, the company will no longer be subjected to post-privatisation monitoring and is the first privatized power generation company to achieve this milestone since the power sector privatization began in 2013, a statement from the firm said on Monday.
According to the statement made available to NatureNews, one of the key targets set for Transcorp is a minimum available capacity of 670MW.
The discharge certificate was presented to the Group Chairman, Transnational Corporation Plc (Transcorp), owner of Transcorp Power, Mr. Tony O. Elumelu, by the Chairman of the National Council of Privatisation (NCP), Prof Yemi Osinbajo, at the meeting of the council.
Commenting on the ceremony, Prof Osinbajo said, “Post privatisation monitoring is an important aspect of Federal Government’s privatisation programme. 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. This being the first, should not be the last post privatization discharge event.”
Elumelu thanked the Federal Government for their trust and confidence in Transcorp.
He stated: “In addition to fulfilling the post privatisation performance criteria, Transcorp has driven 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 incidents till date”.
Continuing 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.”
Also 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.
He said “Transcorp Power increased the generation capacity of the plant by 227% from the operational status as at handover in 2013.”
He added that “capital expenditure totalling 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 four years of takeover, surpassing the five-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.
