Tony Elumelu's Transcorp Power Contributes Heavily to Nigeria's National Grid
- Transcorp Power Limited is contributing a large amount of power to Nigeria's national grid
- This is according to data provided by the power company, suggesting an upgrade in its daily generation.
- TPL has the capability to generate sufficient energy to power 1.6 million homes daily
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
Transcorp Power Limited (TPL), a power generation facility with a single-cycle 972MW installed capacity, has successfully contributed more than 29,574,447MWh (29TWh) of energy to the national grid in ten years.
This electricity has been transmitted and distributed to numerous households and industries across Nigeria and West Africa.
Source: UGC
It is worth noting that Transafam Power assumed operational control of the Afam Power Asset three years ago, initiating the rehabilitation of the Afam 5 GT 20 Gas Turbine power-generating unit.
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With a rating of 138MW, this particular unit had been inactive for more than 15 years before our takeover.
Transcorp Power actively involved in power generation
For a decade now, the Transcorp Group has been actively engaged in the power sector, commencing its initial investment at the Ughelli Power Plant under the banner of Transcorp Power Limited.
Distinguished as the first company to obtain a certificate of discharge from post-privatization monitoring, Transcorp Power Limited exceeded all stipulated requirements within the designated timeframe.
A few months ago, the Transcorp-led consortium purchased a 60% stake in Abuja Electricity Distribution Company (AEDC).
According to a progress report obtained by Vanguard, Transcorp Power Limited (TPL) has a generation capacity of 500MW and is producing an average of 426MW as of December.
The report stated:
“Since the privatization of the power sector in November 2013, TPL has generated over 29,574,447MWh (29TWh) of energy to the national grid powering countless homes and industries in Nigeria and West Africa.
“TPL currently has a generation capacity of 500MW and currently generates 426MW on average daily in December.”
As of November 2023, year-to-date, Transcorp Power Limited (TPL) has transmitted 2,857,950.40MWh, averaging 357MW daily, constituting 8.65% of the total energy supplied to the National Grid.
Notably, TPL exhibited exceptional performance in November 2023, maintaining an average output of 438MW, securing the 2nd position, trailing only behind Egbin.
In the overall ranking for the year 2023 year-to-date, TPL holds the 4th position. With a current generation capacity of 500MW, TPL can generate sufficient energy to power 1.6 million daily.
Tony Elumelu's stake in Transcorp nears $100m after Abuja Disco acquisition
In related news, Legit.ng reported that Elumelu experienced a substantial surge in the market value of his stake in Transnational Corporation of Nigeria (Transcorp), reaching a total of $98.95 million.
This notable increase can be attributed primarily to the recent upswing in the corporation's share price on the Nigerian Exchange.
Through his investment vehicle, HH Capital, Elumelu holds 11,990,957,350 ordinary shares of Transcorp, equating to a 29.5% ownership stake in the company.
The market value of Elumelu's interest in the firm has demonstrated significant growth, escalating from N41.97 billion ($54.28 million) on August 1 to N76.5 billion ($98.95 million).
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Source: Legit.ng
