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Transcorp takes over Ughelli power plant

By The Rainbow
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Transnational Corporation of Nigeria Plc (Transcorp has  officially taken physical ownership of Ughelli Power Plc.

Transcorp took over the  1000MW capacity Ughelli Power Plant following a hand over by the Federal Government. The operating firm for the power plant is known as Transcorp Ughelli Power Limited (TUPL).

The ceremony was held at the plant located in Ughelli, Delta State with government representatives, community leaders and other stakeholders in attendance.

The hand over ceremony was performed by Vice President Namadi Sambo.

Represented by Minister for Labour and Productivity, Mr. Emeka Wogu,   Sambo said,  'This handover ceremony is the culmination of 14 years of painstaking efforts by the NCP and its Secretariat, the Bureau of Public Enterprises, BPE, the Federal Ministry of Power and other stakeholders to reform and liberalize Nigeria's electricity industry.

'This reform and privatization programme is rightly focused on the big picture, that is, the impact on the economy as a whole and ultimately, the greatest good for the greatest number of Nigerians.

'I congratulate Transcorp for emerging as the successful winner through a very rigorous, competitive and transparent process. We appreciate your faith in the process and your faith in the Nigerian government and economy.'

Ughelli Power Plc, operator of the Ughelli Power Plant is one of the six power generation companies unbundled from the Power Holding Company of Nigeria, PHCN.

By August 21, 2013, TUPL had effected full payment of $300million to the BPE representing 100 per cent of TUPL's bid price for the plant.

Chairman of Transcorp, Tony Elumelu, while commenting on the successful hand over said, 'I would like to thank the administration of President Goodluck Jonathan for its diligence towards achieving this significant milestone in the history of the Nigerian power sector.'

He added that Transcorp and its partners Tenoil, Symbion Power, Thomassen and Woodrock Energy are well positioned and have the required expertise to operate a world-class power generation plant that will transform the Nigerian power sector and change the lives of its citizens.

Elumelu re-stated Transcorp's unflagging commitment to invest in host communities wherever the organisation operates with the aim of creating jobs, providing training and ensuring vital knowledge and skills transfer thus ensuring sustainable contribution to Nigeria's economic and social development .

We will actively engage the local communities in and around Ughelli to work together with the unified objective of ensuring that lives are improved and our larger economy revived.