Transnational Corporation of Nigeria Plc, (Transcorp Plc) has been named the preferred bidder for Afam Electricity Generation Company (GenCo) in furtherance of government’s efforts to increase electricity generation through private sector investments.
Transcorp was successful with its offer of N105.3 billion (about $293 million) for the power plant, which operates a natural-gas fired power plant in Rivers state, it said in a statement on Tuesday.
The Chairman of the company, Mr. Tony Elumelu, had in March hinted of plans by the Board and management of the foremost hospitality company to invest as much as $2.5 billion in power projects in the country
It would be recalled that the Federal Government had in 2013 started divesting its stakes in power generation and distribution plants in the country under its power sector privatization programme.
Through the process, several companies including Transcorp Plc, Forte Oil Plc, and Korea National Electric Co have invested over $3 billion for controlling interests in 15 power generation and distribution companies over the years.