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Published On: Fri, Aug 8th, 2014

We invested N65bn on Ughelli power plant -Transcorp boss

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Transnational-Corporation-of-Nigeria-Transcorp-Plc (Transcorp)By Etuka Sunday

The Chief Executive of Transcorp, the core investor of Ughelli Power Plc Mr Adeoye Fadeyibi has disclosed that N65 billion has been invested into the power plant.

A statement by the Head, Public Communications, BPE, Chigbo Anichebe quoted the Transcorp boss to have made the disclosure when the Senate Committee on Privatisation paid an oversight visit to Ughelli Power.

According to the statement, Fadeyibi said that the core investor has raised the capacity from 170 MW (at handover of the Power Holding Company of Nigeria successor company to the core investor in November 2013) to 420MW— representing 46 percent of the 972 MW available capacity.

He added that the short/medium/long term goal include “gradual increase of plant output while stabilizing energy sent out to conform with industry standards till we get to original plant installed capacity of 1000MW by end 2015”, and “expansion of plant capacity by the installation of 1000MW

Greenfield power plant by the end of 2018.”He noted that about 70 percent of its current assets in the plant employ US technology.

The Chairman of the Senate Committee on Privatisation, Senator Olugbenga Obadara, commended the company over the local content of the management team.

In another development, the Committee visited the new Warri Ports where they praised the satisfactory performance of the operators, Messrs Associated Maritime Services, for the excellent development of the infrastructure and commitment to the Concession Agreement.

Senator Obadara advised the concessionaire to apply for extension of the concession period to enable them continue with their good works and development of the ports given that the firm has three years left of its 10 year- concession period.

Officials of Nigeria Ports Authority also attested to the excellent performance of the concessionaire with regard to safety, revenue target, infrastructure development, manpower training and almost 100 percent local content of its personnel.

Meanwhile, the Delta State Governor, Dr. Emmanuel Uduaghan, has commended the management of Ughelli Power Plc for the level of development and investment within six months of take over.

He said that the Delta State Government decided to invest in the power sector so that the profit would be used to subsidize power supply to the rural communities in the state.

 

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