Sahara Power, a subsidiary of Sahara Group is set to increase power generation capacity in the sector through investment in new technology, global alliances and human capital development following its acquisition of First Independent Power Company Limited (FIPL).
Sahara Power recently acquired 70% of the company while the Rivers State Government retains a 30% stake in the entity. This acquisition reinforces the quest of the Sahara Power to enhance its competitive advantage and footprints in the sector, whilst looking to deliver world-class power solutions in Nigeria and ultimately, offshore.
FIPL comprises four Power Plants namely:
- Omoku Power Plant – 150MW Gas Turbine
- Trans Amadi Power Plant – 136 MW GT
- Afam Power Plant – 180MW GT
- Eleme Power Plant – 75MW GT
It would be recalled that working through a number of Special Purpose Vehicles (SPV), Sahara had successfully acquired majority shareholding stakes in two (2) of the PHCN assets that were sold by the Nigerian Government, namely Egbin Power station – the largest Power Generation Plant in Nigeria – and Ikeja Electricity Distribution Company – the largest power distribution network in Nigeria.
Egbin Power Plc and Ikeja Electricity Distribution Plc are undergoing steady transformation activities that are expected to culminate in enhanced power generation and equitable supply to drive homes and businesses.
Sahara Group reaffirms that FIPL’s acquisition signposts a future of great possibilities and opportunities for the Group, the entire nation, the sub-region and the continent.
