Geregu Power Plc, a power generating company in Nigeria, revealed that it has made advance payments totaling N8.783 billion to Italian firm Ansaldo Energia for the overhaul of its gas turbine as of June 2023. The payments mark a significant increase from the N4.616 billion advanced to the company in December 2022. In April 2022, Ansaldo Energia signed a three-year contract with Geregu to conduct a major overhaul of the 435 MW power plant in Ajaokuta, Kogi State, Nigeria.
The three-year contract includes the supply of spare parts, manufactured entirely by Ansaldo Energia in Italy, and maintenance services performed by its subsidiary Ansaldo Energia Nigeria based in Lagos. The major overhaul of the gas turbine was scheduled for the third quarter of 2023, and this contract marked Ansaldo Energia’s first venture into Nigeria’s electricity sector.
Despite Geregu Power’s revenue growing by 2.65% to N34.69 billion in the first half of 2023, compared to N33.8 billion in the same period the previous year, profits experienced an 11.52% dip to N8.05 billion compared to N9.10 billion recorded in June 2022. The power company’s total assets also saw a 10.66% depreciation, standing at N155.48 billion at the end of June 30, 2023, compared to N174.03 billion at the end of December 2022.
