Nigeria’s leading conglomerate, Transnational Corporation of Nigeria Plc (Transcorp), chaired by Mr. Tony Elumelu, has announced its acquisition of Afam GenCo.
Transcorp disclosed this on Friday, November 6th, 2020 via its official Twitter page.
It wrote; “In line with our ambition to generate 25% of Nigeria’s electricity requirements, we have just acquired Afam GenCo, a natural-gas-fired power generation facility in Oyigbo, Rivers State with a combined installed capacity of 966MW.”
“Our Chairman, Tony O. Elumelu signed the Share Sale Purchase Agreement (SSPA) for the transaction with the Federal Government led by His Excellency, the Vice President of Nigeria, Prof. Yemi Osinbajo alongside the DG of BPE, Alex Okoh at the State House earlier today.”
“This investment deepens our play in the power sector and takes our overall installed generation capacity as a business to 1,936MW from 972MW installed at Power Transcorp’s power plant in Ughelli, Delta State.”
BREAKING! In line with our ambition to generate 25% of Nigeria’s electricity requirements, we have just acquired Afam GenCo, a natural-gas-fired power generation facility in Oyigbo, Rivers State with a combined installed capacity of 966MW. pic.twitter.com/MVXqdMZ0vl
— Transcorp PLC (@TranscorpPLC) November 5, 2020
