TRANSCORP MAKES FULL PAYMENT FOR $300M UGHELLI POWER PLANT

TRANSCORP MAKES FULL PAYMENT FOR $300M UGHELLI POWER PLANT: Transnational Corporation of Nigeria Plc (Transcorp) notified The Nigerian Stock Exchange that Transcorp Ughelli Power Limited (TUPL), a subsidiary of Transnational Corporation of Nigeria, has paid to the Bureau of Public Enterprises (BPE) the sum of $225million, representing 75 per cent of the $300million bid price for the 972 megawatts capacity Ughelli Power Plant (the Plant). With this, TUPL has now completed the full payment for the Plant.
Ughelli Power Plc is one of the six power generation companies unbundled from the Power Holding Company of Nigeria (PHCN). In July 2012, TUPL bid $300million to acquire Ughelli Power Plc, owner and operator of Ughelli Power Plant in Delta State. TUPL emerged the preferred bidder for the acquisition on September 25, 2012 following a successful technical and financial evaluation by the BPE signaling the company’s unreserved capacity and competence to manage the Plant. Subsequently, TUPL met the 25 per cent deposit deadline by paying the sum of US$75million to the BPE on March 20, 2013.TUPL plans to increase the power generation of the plant from 300MW to over 1070MW in the next five years.