Transcorp Consortium has executed the biggest domestic financing deal of 105.3 Billion naira (272 Million dollars) in Nigeria’s power generation sector so far in 2020.
This deal is in relation to the 100% purchase of Afam power plc and “Afam three fast power” from the Nigerian government.
Owen Omogiafe, the President and CEO of Transcorp in an exclusive interview with Arise News said the deal is taking the company closer to it’s objective of increasing access to electricity for at least one in four Nigerians which will in turn improve lives and transform Africa’s most populous country.
While speaking to the key elements of the deal in terms of operability, the president and CEO of Transcorp said Afam Power Plc and Afam Three Fast Power Limited (jointly referred to as “Afam GenCo”) which was taken over has a 966 MegaWatts installed capacity.
She mentioned that at the handover which is the beginning stage of the agreement, Transcorp will be taking over about 110 MegaWatts and the 240 MegaWatts which is critical to the deal will be coming on board shortly.
According to the President and CEO of Transcorp, the role of the Nigerian government is to support the company, put in place relevant industry agreement that are going to be necessary for realizing the potential that is in Afam plant and will deliver the much needed access to electricity for Nigerians.