The Nigerian Government and Transcorp Power Consortium have signed an agreement over Afam Power and Afam III Fast Power. The agreement is expected to add 966 MW to the national grid.
Professor Yemi Osinbajo, Chairman of the National Council on Privatisation (NCP) said the deal was the first of many new investments in the sector from generation to distribution. He said: “The administration’s goal is to eliminate the challenges in the power sector by improving liquidity in the market through a host of measures, including the recently announced national mass metering programme. The Afam Power and the Afam III Fast Power have a combined capacity of almost 1000 MW.”
Alex Okoh, Director General of the Bureau of Public Enterprises (BPE), said that Transcorp Power Consortium had committed to investing $350 million in the combined power assets. He said that in addition to the Afam III Fast Power Plant, with an installed capacity of 240 MW, the consortium has committed to ramp up power generation at the whole plant to its rated capacity of 726 MW within five years, thereby adding a total of 966 MW to the national grid.