Boston, MA 02/10/2014 (wallstreetpr) – General Electric Company (NYSE:GE) announced on February 10 that it has entered into a agreement with energy firm Transcorp Ughelli Power Limited (TUPL) to expand the current production capacity at the Ugheli power plant which has the distinction of being the biggest gas powered electricity facility in Nigeria. The expansion agreement allows for addition of close to 1000 MW of power over the next three to five years.
Second “Turbine Recovery” Deal Also In Place
In a parallel development, the two parties have also signed off on a deal to recover, repair and restore the broken GT 15 turbine which is part of the Ughelli plant. On the repair work being completed, Transcorp Ughelli Power Limited (TUPL) and General Electric Company (NYSE:GE) both hope that an additional 115 MW of power will get added to the overall power generation output. On completion of the additional augmentation and repair work, close to 700 MW of total power output could be expected by 2014 end as against the current capacity of 360 MW of power. It is relevant to note here that when this plant was bought out by Transcorp Ughelli Power Limited (TUPL) from Transcorp Ughelli in November’13, the power generation from the plant stood at 160 MW.
Long Term Relationship
The two deals detailed above between Transcorp Ughelli Power Limited (TUPL) and General Electric Company (NYSE:GE) were initialled by Tony Elumelu, the Chairman of Transcorp, while Tony Elumelu who is the Global Chairman of General Electric Company (NYSE:GE) signed off on behalf of the conglomerate.
Expressing his happiness at the successful negotiation and signing off the deal Tony Elumelu, the Chairman of Transcorp has been quoted to have said that, “We are very pleased to work with GE, a proven world leader in power technology development, on the Ughelli plant expansion project. With this, we have taken a bold step in fulfilling our promise to Transcorp’s stakeholders and the people of Nigeria. In a very short period of time, we have achieved significant impact – power production has more than doubled, and with this agreement, we will see increased output before the end of this year.”
