The Federal Government has signed a 20-year Power Purchase Agreement with Trans-Afam Power Limited, a subsidiary of Transcorp Power, to ramp up the 726 megawatts capacity of the Trans-Afam Power Plant in Rivers State.
Parties in the deal signed the PPA on Thursday at the Abuja headquarters of the Federal Ministry of Finance, Budget and National Planning, in the presence of the Minister of Finance, Zainab Ahmed.
The Managing Director, Nigerian Bulk Electricity Trading Plc, Nnaemeka Ewelukwa signed on behalf of the Federal Government, while the Chairman, Trans-Afam Power Limited, Stanley Lawson, signed for his company, and stated that the firm would invest £150m on the plant.
Speaking at the event, the finance minister said the Federal Government was optimistic that Transcorp would ramp up the capacity of the power plant, in order to boost the country’s electricity generation.
“Thank you to Trans-Afam Power for really coming out and showing your interest in this power project that has a maximum capacity of 726MW. Transcorp has been one of the most significant players in the generation arm of the power sector,” Ahmed stated.
Ahmed assured her guests of the continuous support of the Federal Government during the course of their investments and in managing the projects.
