- Transcorp Ughelli Power, a subsidiary of Transcorp Group plans to spend $1.575 billion to quadruple its power capacity to 2,500 megawatts (MW) over the next three years and provide a quarter of all power generated in Nigeria.
- Transcorp said it also expects to expand through acquisitions this year, as well as new projects that will start operations in three years to serve Nigeria’s growing demand for energy.
“We are speaking to different parties at different points of the transaction,Our target is to be responsible for 25 percent of the capacity generated in Nigeria … over three years” the company said in a statement.
- Transcorp said it expected the contribution of its power business to group revenue to rise to 60-65 percent this year from 25 percent last year.
- Source: Business Day