Transcorp Power has revealed its ambition to boost electricity generation at its Ughelli power plant, targeting a peak of 740 megawatts by the end of 2024.

During a virtual presentation to analysts and investors, the Managing Director/CEO, Engr. Peter Ikenga, outlined plans to increase capacity to over 850MW and explore the conversion of the plant to a combined cycle for an additional 250MW capacity beyond 2024.

Furthermore, Transcorp Power is venturing into the renewable energy space to serve underserved parts of the grid, with a focus on hydro and solar energy opportunities. The company’s commitment to sustainable growth is evident in its dividend payout, as the board of directors has recommended a dividend of N23.4 billion, subject to shareholder approval at the next Annual General Meeting (AGM).The proposed dividend represents a 77% payout ratio, aligning with the company’s dividend policy.

Source: Daily Trust