By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Transnational Corporation of Nigeria Plc (Transcorp) Thursday announced it has completed full payment of Ughelli Power Limited (TUPL), its subsidiary.

This is contained in a notice to the Nigerian Stock Exchange (NSE) in Lagos Nigeria and made available to InvestAdvocate.

To complete the payment, the conglomerate paid to the Bureau of Public Enterprises (BPE) the sum of $225 million, representing 75 percent (75%) of the $300 million bid price for the 972 megawatts capacity Ughelli Power Plant (the Plant).

Transcorp had earlier in March 2013 paid $75 million; making it a total of $300 million.

The firm said with this payment, it has now completed the full payment for the Plant.

Ughelli Power Plc is one of the six power generation companies unbundled from the Power Holding Company of Nigeria (PHCN). In July 2012, TUPL bid $300million to acquire Ughelli Power Plc, owner and operator of Ughelli Power Plant in Delta State.

TUPL emerged the preferred bidder for the acquisition on September 25, 2012 following a successful technical and financial evaluation by the BPE signaling the company’s unreserved capacity and competence to manage the Plant.

Prior to this time, TUPL met the 25% deposit deadline by paying the sum of $75 million to the BPE on March 20, 2013.

TUPL plans to increase the power generation of the plant from 300MW to over 1070MW in the next five years.