NBET and Transcorp Sign 726MW Power Purchase Agreement.
Transcorp Power, the mother company of TransAfam Power Plant Ltd, and Nigerian Bulk Electricity Trading (NBET) inked a power purchase agreement for the 726 megawatts (MW) TransAfam Power Plant Ltd in Okoloma, Rivers State, yesterday.
The deal, signed at the Federal Ministry of Finance, Budget, and National Planning, aims to increase Nigeria’s electricity generation capacity. Dr Nnaemeka Ewelukwa, Managing Director/CEO of NBET, remarked during the signing ceremony that the agreement reflected the achievement of power sector privatisation, stressing that the arrangement will last for 20 years.
“The bidding was done by BPE, and TransAfam Power won the bidding,” he explained. In addition, TransAfam Power Chairman Stanley Lawson stated that the agreement was beneficial to the company as a whole, that government would pay for the power they generated and transmitted to the national grid, while pledging the company’s commitment to drive power generation in the country.