Transnational Corporation of Nigeria (Transcorp) is planning to expand its power generation capacity by 2018 with an investment of $1.57bn.
The project is part of the company’s plan to serve a quarter of Nigeria’s power requirements. The African country currently generates around 7,000MW.
As part of the latest plan, the company intends to acquire power assets as well as develop new projects, which are expected to commence operations in three years.
The expansion will help Transcorp to increase its existing capacity by a factor of four to 2,500MW, reported Reuters.
By the end of the year, Transcorp plans to boost its power capacity to 850MW.
In 2013, Transcorp’ gas-powered generating subsidiary, Transcorp Ughelli Power had installed capacity of 342MW.
Ughelli Power is one of the six power generation companies of the Power Holding Company of Nigeria (PHCN), which was privatized by the Nigerian Government.
Transcorp is a diversified conglomerate that acquires and manages strategic businesses in four sectors, including power, energy, hospitality and agriculture.