NBET, Transcorp Sign 726MW Power Purchasing Agreement

Date:

May 26, 2023.

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Azonuchechi Chukwu.

The Nigerian Bulk Electricity Trading (NBET) and Transcorp Power – the mother company of TransAfam Power Plant Ltd, yesterday signed a power purchase agreement for the 726 megawatts (MW) TransAfam Power Plant Ltd located in Okoloma, Rivers State.

The agreement which was signed in the Federal Ministry of Finance, Budget and National Planning is geared towards improving Nigeria’s power generation capacity.

Speaking during the signing ceremony, the Managing Director/CEO of NBET, Dr Nnaemeka Ewelukwa, said the agreement exemplified the success of power sector privatisation, noting that the agreement would run for 20 years.

He said, “The bidding was done by BPE and TransAfam Power won the bidding. Subsequently, NBET got regulatory approvals from the Nigerian Electricity Regulatory Commission (NERC), Bureau of Public Procurement (BPP), Ministry of Justice, as well as presidential approval for the takeover.

He added that there was a 15-year ramp up plan to boost efficiency of the power plant, noting that the purchase agreement would span 20 years.

Also speaking, the Chairman of TransAfam Power, Stanley Lawson, said the agreement was instrumental to the company as a commitment 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. (www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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