Transcorp Ughelli Power increases generation capacity by 78%

Felix Tunde |

The managing director,  of Transcorp Ughelli Power Limited (TUPL), a subsidiary of Transcorp Plc,  Mr. Adeoye Fadeyibi stated that in 2014, TUPL increased generation capacity from 342MW at December 2013, to  610MW at the end of 2014 — a 78% increase year-over-year and a 300% increase from takeover.
Speaking at the firm’s 2nd Annual General Meeting yesterday, he noted that the company is strengthening our part of Nigeria’s energy chain. Mr. Fadeyibi added: “Short term, post-acquisition operational strategy— one based largely around the recovery of installed capacity.”
On his own part, Transcorp Plc Board Chairman, Dr. Tony O. Elumelu, CON predicted long-term mega-growth, saying, “We are determined to produce a quarter of all power generated in Nigeria and we are clearly on track to achieve this, thanks to the cohesiveness of the leadership team and the hard work of the staff, driven by the TUPLCEO.
He opined that 2015 will see the execution of expansion plans through key acquisitions, as well as a Greenfield project set to begin operations in 2018.

Transcorp Plc Group President/CEO, Mr. Emmanuel N. Nnorom lauded TUPL performance in 2014, noting that “Our team is excited and united. Ade has done a fantastic job of assessing existing generating assets at Ughelli and determining a course of action for total recovery and as a result, we are on track to achieve 850MW per day by year-end 2015, which represents a major contribution to the country’s total energy output.”
Renaissance Capital (RenCap), a financial advisory firm projected that Transcorp Plc would more than quintuple its profitability by 2017 in part because of the outlook of Transcorp Ughelli Power Limited (TUPL).
It said, “We believe the government’s determination to make centralised electricity supply a reliable source of power for the economy, at half the price of the currently widely used diesel generators, is sufficient reason to see a bright future for the asset.”