Transcorp Power Limited, located in Ughelli Delta State, with an installed capacity of 972MW, was on Monday presented with a post-privatisation discharge certificate by the Federal Government following the fulfilment of all privatization conditions.
This means that Transcorp Power will no longer be subjected to post-privatisation monitoring and is the first privatized power generation company to achieve this milestone since the power sector privatization commenced in 2013.
One of the key targets set for Transcorp is a minimum available capacity of 670MW.
The discharge certificate was presented at the meeting of the National Council of Privatisation (NCP) by the Vice President omand Chairman of NCP, Professor Yemi Osinbajo to Mr. Tony O. Elumelu, Group Chairman, Transnational Corporation Plc (Transcorp), owner of Transcorp Power, during a ceremony at the Aso Rock Villa, Abuja.
Speaking at the ceremony, the Vice President said “post privatisation monitoring is an important aspect of Federal Government’s privatisation programme. Transcorp Power has been able to ensure compliance and surpassed expectations with all post privatisation deliverables. I commend Tony Elumelu and his Transcorp team for this feat. I urge Transcorp Group to continue in that path and even do better.
Speaking further, Osinbajo said, ”This being the first, should not be the last post privatization discharge event.”
Elumelu thanked the Federal Government for the trust and confidence it has in Transcorp, stating that “in addition to fulfilling the post privatisation performance criteria, Transcorp has driven a strong indigenous agenda – our plants are managed and fully operated by Nigerians, creating jobs and reducing unemployment in the country. Safety is very important to us as well, since we began operations in 2013, we have recorded zero incident till date”.
In his remarks, the Director General of the Bureau of Public Enterprises, Alex Okoh congratulated the Board and management of Transcorp for the milestones achieved in turning around the enterprise.
He noted that Transcorp has met and exceeded the performance targets and all other covenanted obligations agreed during the signing of the privatization agreement in 2013.
Okoh said: “Transcorp Power increased the generation capacity of the plant by 227% from the operational status as at handover in 2013″.
He disclosed that the capital expenditure totaling N58.612bn was covenanted for phase1, phase 2 as ‘additional investment’ but the actual investment made by Transcorp was the sum of N83.85bn, leading up to a score of 143%.”
Transnational Corporation Plc acquired Ughelli Power Plc (now Transcorp Power Limited) from the Federal Government of on 1st November 2013 during the privatisation of the power sector.
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