Transcorp Ughelli Power targets 3,000mw in five years

The new owners of the Ughelli Power Plc, an electricity generating company (Genco) in Delta State, have said the plant’s generating capacity has increased from 160megawatts (mw) to 360mw, two months after its acquisition and takeover.

Transnational Corporation of Nigeria Plc (Transcorp) disclosed this recently in its 2013 annual report and financial statement noting that it plans to increase the plant’s output to 3,000mw within the next three to five years.

The report which was signed by the Chief Executive Officer, Obinna Ufudo, noted that its energy section is envisaging an energy city with the Ughelli plant as a hub that will catalyse industrial development in the country.

It said, “The planned energy city will comprise fertilizer and petrochemical plants among other heavy industries,” adding that the hub will positively impact in the host communities to provide educational, health and sporting facilities of global standards.

Transcorp, which also majors in oil and gas, said it is bent on fast-tracking oil exploration and ready to explore opportunities for the acquisition of oil and gas assets available from ongoing divestiture of onshore assets by International Oil Companies (IOCs) and sale of marginal fields by the federal government.

“We have stepped up our engagement with the Ministry of Petroleum and regulatory bodies to complete the documentation and pre-drilling activities for our oil block OPL 281,” it disclosed.

The annual statements made available to Daily Trust revealed that its revenue grew by 42 percent from N13.2billion to N18.8bn in 2013 just as its shareholders unanimously approved the recommended N1.93bn dividend for the year ended.

Transcorp Group, whose Chairman is Mr. Tony Elumelu, has various stakes in the energy sector, hospitality and agriculture. It said it had good operating results in 2013 that provides insights into its immediate plans and exciting future.