Transcorp, GE Partner To Improve Power Generation In Nigeria

Lagos, 30 January 2014 – Transcorp Ughelli Power Ltd (TUPL), the power

subsidiary of Transnational Corporation of Nigeria Plc (Transcorp), and
General Electric (GE) have signed an agreement to expand the capacity of
TUPL’s Ughelli power plant by1000MW over the next 3 to 5 years.

Both parties have also signed a separate agreement to rehabilitate the
damaged GT 15 turbine at the Ughelli plant, which will add 115MW to the
plant’s output.

Currently, the Transcorp Ughelli power plant generates 360MW of
electricity, up from 160MW on November 1, when Transcorp took ownership of
the plant. With the additional 115MW, as well as other rehabilitation
works planned at the plant, output at Ughelli will increase to 700MW by
December 2014.

The Ughelli power plant is Nigeria’s largest gas-fired electricity
generation asset. Purchased by Transcorp during the 2013power
privatization programme, the $300 million plant is part of the $2.5
billion investment pledge made by the Chairman of Transcorp and Heirs
Holdings, Tony O. Elumelu, CON, to deliver affordable, accessible power to
Africa under the Power Africa Initiative. Heirs Holdings, Elumelu’s
pan-African proprietary investment company, is Power Africa’s largest
private sector investor and a major investor in Transcorp.

The agreements were signed at a closed door meeting between executives of
both companies, led by Elumelu and the Global Chairman of General
Electric, Jeffrey Immelt. They follow a cooperation agreement executed by
Transcorp and GE in 2013.

Commenting, Elumelu said, “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’ve 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. We are confident that this
partnership with GE will further accelerate the achievement of our goals
in the power sector.”

Immelt said,“ GE fully appreciates the confidence expressed by Transcorp.
We are happy to bring the considerable resources of GE to support
Transcorp’s audacious vision for Nigeria’s Power industry. This
partnership with Transcorp underlines GE’s deep commitment to developing
the Nigerian power sector.”

A publicly listed conglomerate with strategic investments in the power,
hospitality, business and energy sectors, Transcorp, through TUPL, is
committed to transform and bring the plant to profitability by increasing
its generating capacity to impact positively on the socio-economic
development of Nigeria.

GE, one of the world’s most reputable companies is the global leader in
the design, manufacture, supply, installation and maintenance of
technology and services for the Power, Aviation, Oil & Gas, Healthcare and
Transportation sectors.