Saturday, April 19, 2014

Transcorp, General Electric sign agreement on infrastructure development

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Transcorp and GE are to facilitate the generation of 10,000 megawatts in the next 10 years

The Transnational Corporation of Nigeria, Transcorp, said on Thursday that it has signed an agreement with General Electric, GE, of the U.S. to revamp the power and transportation sectors in the country.

It said that the agreement was signed in March 2012.

Transcorp, in a notice to the Nigerian Stock Exchange, NSE, said that both companies would facilitate the generation of 10,000 megawatts of electricity in the next 10 years.

According to the notice, the firms will refurbish and expand the Ughelli Power Plant in Delta and modernise the transport sector, especially in the rail system.

“The wide ranging agreement allows for the provision of technical support and equity investment in the power plant,” the notice said.

The Transcorp Ughelli Power Plc, TUP, is a subsidiary of Transcorp, a publicly quoted and diversified conglomerate with strategic investments in the hospitality, agribusiness and energy sectors.

It said that the agreement was signed by GE’s Global Chairman, Jeffrey Immelt; and Tony Elumelu, the Chairman of Transcorp.

NAN

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