The Abuja Electricity Distribution Company (AEDC), has signed a Memorandum of Understanding (MOU) with Transafam Power to implement a groundbreaking 50 megawatts embedded power generation project for the Idu Commercial Hub in Abuja.
AEDC in a statement on Wednesday, said the MOU was executed by AEDC MD/CEO, Chijioke Okwuokenye, and MD/CEO, Transafam Power Limited, Vincent Ozoude, during the Summit on Accelerated Scale-Up of Renewable and Distributed Energy Resources in Nigeria, hosted by the Nigerian Electricity Regulatory Commission.
AEDC will fulfill 82% of the Nigerian Electricity Regulatory Commission’s requirement for embedded power generation, ensuring reliable and consistent power supply to the Idu Cluster.
The deal marks a further demonstration of AEDC’s transformation agenda, entering the power generation sector and reducing reliance on the local grid. The investment, further evidence of the turnaround strategy following Transcorp’s acquisition of 60% of AEDC, will significantly advance AEDC’s mission in providing stable and dependable electricity in the Federal Capital.
The partnership demonstrates the strategy of Transafam, a leading power generator and subsidiary of Nigeria’s largest, listed conglomerate, Transcorp Group, to further expand its power portfolio, to provide on-grid and embedded generation. The deal is further evidence of Tony Elumelu led Transcorp’s championing of its integrated energy strategy, bringing Nigeria’s natural resources and power infrastructure, together to catalyse growth.
Robust electricity supply is crucial for Nigeria’s economic renaissance. The AEDC/Transcorp partnership is a significant advancement towards delivering reliable and sustainable power to Nigerians, enhancing the overall power landscape in Nigeria, and fostering growth and economic prosperity for all — a demonstration of Africapitalism, Elumelu’s philosophy of the private sector driving social good.
