{"id":44448,"date":"2020-11-06T16:35:53","date_gmt":"2020-11-06T15:35:53","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=44448"},"modified":"2020-11-06T16:35:53","modified_gmt":"2020-11-06T15:35:53","slug":"transcorp-acquires-966mw-afam-genco","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/transcorp-acquires-966mw-afam-genco\/","title":{"rendered":"Transcorp Acquires 966MW Afam GenCo"},"content":{"rendered":"

The Transcorp Power Consortium has acquired the 966 megawatts (MW) capacity Afam electricity generation company (GenCo) at N105 billion.<\/p>\n

The federal government and the Transcorp group, on Thursday, signed a share sale and purchase agreement for the Afam Power Plc and Afam III Fast Power Ltd at the Presidential Villa, Abuja.<\/p>\n

Alex Okoh, director-general of the Bureau of Public Enterprises (BPE), signed of behalf of the federal government, while Tony Elumelu, chairman of Transcorp Group, signed on behalf of the company.<\/p>\n

The National Council on Privatisation had approved the privatisation of the Afam GenCo in 2017.<\/p>\n

Speaking during the event, Vice-President Yemi Osinbajo, said the transaction is a confirmation of the government\u2019s reform of the power sector.<\/p>\n

\u201cToday marks a milestone for the country with a return to private sector investment in the power sector,\u201d Osinbajo said.<\/p>\n

\u201cThis investment by Transcorp in acquiring \u2018Afam Power Plc\u2019 and \u2018Afam Three Fast Power\u2019 is the first of many new investments planned in the sector across the value chain. We expect that under Transcorp\u2019s ownership the operational capacity of the facility will be raised to its full capacity.<\/p>

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\u201cWe 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.<\/p>\n

\u201cWe 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.\u201d<\/p>\n

Elumelu said the acquisition shows the company\u2019s contribution to the economic transformation of the country.<\/p>\n

\u201cBringing affordable, dependable power to the Nigerian people is core to Transcorp\u2019s mission. Our significant investments in the power sector are demonstrations of our contribution to the economic transformation that I know Nigeria is capable of,\u201d he said.<\/p>\n

\u201cPower 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.<\/p>\n

\u201cI 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 \u2013 and delivers the opportunities and aspirations that all Nigerians seek.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The Transcorp Power Consortium has acquired the 966 megawatts (MW) capacity Afam electricity generation company (GenCo) at N105 billion.<\/p>\n","protected":false},"author":6,"featured_media":44450,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[],"coauthors":[2391],"class_list":["post-44448","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news"],"yoast_head":"\nTranscorp Acquires 966MW Afam GenCo - National Wire<\/title>\n<meta name=\"description\" content=\"The Transcorp Power Consortium has acquired the 966 megawatts (MW) capacity Afam electricity generation company (GenCo) at N105 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/transcorp-acquires-966mw-afam-genco\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transcorp Acquires 966MW Afam GenCo - 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