Transcorp Ughelli Power (TUP), a subsidiary of Transnational Corporation of Nigeria (Transcorp) Plc, has signed an agreement with American multi-national conglomeration General Electric (GE) to address the power challenges facing Africa's most populous country, the local media reported Monday
The report said the two organisations reaffirmed their commitment to facilitate the generation of 10,000 Mega Watts (MW) of additional power in Nigeria over the next decade.
The framework agreement was endorsed by the Chief Executive Officers (CEOs) of both companies, Mr. Jeffrey Immelt for GE and Mr. Tony Elumelu for Transcorp.
The agreement will also enable the duo to refurbish and expand the Ughelli power plant in Delta State, in the oil producing Niger Delta region.
In addition, it will allow for the provision of technical support and equity investment in the power plant.
Mr. Immelt said GE is partnering with Transcorp because 'it is an African company with an investment philosophy that will drive changes here and in the rest of Africa.”
TUP is a subsidiary of Transcorp, a publicly-quoted and diversified conglomerate with strategic investments in the hospitality, agribusiness, entertainment and energy sectors.
TUP has acquired 100 per cent equity in the Ughelli power plant.