Investment firm aims to ease Nigeria power woes
from OKORO CHINEDU in Lagos, Nigeria
LAGOS – HEIRS Holdings, Nigerian-based African investment firm, announced plans to generate at least a quarter of Nigeria’s power consumption needs in the coming years.
The company is pinning its ambitions on the its interests in the Transcorp
Ughelli Power, a gas-fired, thermal power generating plant which was
acquired under the privatisation of the country’s power sector.
“Our experience so far at Ughelli power plant is testimony to the size of
“Our amazing team has taken that plant from 150MW capacity when we took over in November 2013, to 450MW today; we expect it to increase 700MW by October and to achieve 1000MW by the second quarter of 2015.
“At that rate, we will be contributing 20 percent of Nigeria’s total power generation,” Chairman of Heirs Holdings, Tony Elumelu, said.
He said the company was working on a greenfield project that would expand the capacity of Ughelli by an additional 1 000MW in the next three to five years and they have signed a memorandum of understanding with GE and Symbion Power to facilitate that.
Elumelu’s assurances would come as a major sigh of relief to Nigeria,
where a quarter of a population of 160 million is said to have reliable
Elumelu listed three main challenges in the power sector, namely
unreliable transmission infrastructure, access to uninterrupted gas supply
and timely settlement of invoiced payments.
“In Nigeria, one of the biggest challenges to power generation is
transmission and in fact, while Ughelli Power Plant generated at full
capacity for the first time in July, we’ve been asked to scale down
generation because of the outdated transmission systems.
“For every 100MW generated and sent to transmission companies, 40 per cent is lost, in part because of this infrastructure issue,” he added.
– CAJ News
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