GOOD NEWS FOR NIGERIAN POWER WITH NEWS OF A GENERAL ELECTRIC AND TRANSCORP MERGER.
3rd Feb 2014 – And good news for the Nigerian power sector as Transnational Corporation of Nigeria Plc (Transcorp) and General Electric Company (GE) have signed a framework agreement to revamp the power and transportation sectors in the country.
The framework agreement, was signed following a closed door meeting with GE’s global chairman, Jeffrey Immelt, and Transcorp Chairman, Tony Elumelu (CON). Under its terms, GE and Transcorp will explore a partnership for the refurbishment and expansion of the Ughelli power plant in Delta State.
TranscorpUghelli Power Plc (TUP) is a subsidiary of Transcorp and recently won the privatisation bid for 100% acquisition of the Ughelli power plant. The agreement also allows for the provision of technical support and equity investment in the power plant. Other areas of collaboration include projects in the transport sector with specific focus in rail transport.