Transcorp Consortium acquires Afam GenCo to maximize operational capacity

NIGERIA – Transcorp Consortium, a leading industrial holding company, has announced the 100 per cent acquisition of the 966MW installed capacity Afam Power Plc and Afam Three Fast Power Limited (jointly referred to as Afam GenCo), at an acquisition cost of N105.3 billion (US$272m). “Today marks a milestone for the country with a return to private sector investment in the power sector,” His Excellency, the Vice President of Nigeria, Yemi Osinbajo said. “This investment by Transcorp in acquiring Afam Power Plc and Afam Three Fast Power is the first of…

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Nigeria names Transcorp, Quest preferred bidders for Afam, Yola power firms

electricity linkage to 250MW by 2021

NIGERIA – The National Council on Privatisation (NCP) has approved Transcorp Power Consortium as the preferred bidder for the Afam Electricity Generation Company with a bid price of N105.3bn (about US$343.6 million). Transcorp’s winning bid of $343.6m for the power plant was more than the winning bid of $265m in the previous privatisation transaction conducted in 2013. According to the council, which is chaired by Vice-President Yemi Osinbajo, Transcorp Power Consortium, plans to invest US$350m in the firm over a period of five years after taking over. The council also…

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