Transcorp, GE Partner To Improve Power Generation In Nigeria

Lagos, 30 January 2014 – Transcorp Ughelli Power Ltd (TUPL), the power

subsidiary of Transnational Corporation of Nigeria Plc (Transcorp), and

General Electric (GE) have signed an agreement to expand the capacity of

TUPL's Ughelli power plant by1000MW over the next 3 to 5 years.

Both parties have also signed a separate agreement to rehabilitate the

damaged GT 15 turbine at the Ughelli plant, which will add 115MW to the

plant's output.
Currently, the Transcorp Ughelli power plant generates 360MW of

electricity, up from 160MW on November 1, when Transcorp took ownership of

the plant. With the additional 115MW, as well as other rehabilitation

works planned at the plant, output at Ughelli will increase to 700MW by

December 2014.
The Ughelli power plant is Nigeria's largest gas-fired electricity

generation asset. Purchased by Transcorp during the 2013power

privatization programme, the $300 million plant is part of the $2.5

billion investment pledge made by the Chairman of Transcorp and Heirs

Holdings, Tony O. Elumelu, CON, to deliver affordable, accessible power to

Africa under the Power Africa Initiative. Heirs Holdings, Elumelu's

pan-African proprietary investment company, is Power Africa's largest

private sector investor and a major investor in Transcorp.

The agreements were signed at a closed door meeting between executives of

both companies, led by Elumelu and the Global Chairman of General

Electric, Jeffrey Immelt. They follow a cooperation agreement executed by

Transcorp and GE in 2013.
Commenting, Elumelu said, “We are very pleased to work with GE, a proven

world leader in power technology development, on the Ughelli plant

expansion project. With this, we've taken a bold step in fulfilling our

promise to Transcorp's stakeholders and the people of Nigeria. In a very

short period of time, we have achieved significant impact – power

production has more than doubled, and with this agreement, we will see

increased output before the end of this year. We are confident that this

partnership with GE will further accelerate the achievement of our goals

in the power sector.”
Immelt said,“ GE fully appreciates the confidence expressed by Transcorp.

We are happy to bring the considerable resources of GE to support

Transcorp's audacious vision for Nigeria's Power industry. This

partnership with Transcorp underlines GE's deep commitment to developing

the Nigerian power sector.”
A publicly listed conglomerate with strategic investments in the power,

hospitality, business and energy sectors, Transcorp, through TUPL, is

committed to transform and bring the plant to profitability by increasing

its generating capacity to impact positively on the socio-economic

development of Nigeria.
GE, one of the world's most reputable companies is the global leader in

the design, manufacture, supply, installation and maintenance of

technology and services for the Power, Aviation, Oil & Gas, Healthcare and

Transportation sectors.